Bond Wolfe targets launch of stand-alone commercial auctions
Bond Wolfe Auctions is to boost its commercial property offering across its auction and agency business with the intention of launching stand-alone commercial auctions from next spring.
It said the decision has been driven by the success of the firm’s current live streamed auctions which has seen 214 lots of residential, commercial and development land registered for the latest auction on Wednesday 16 September.
Bond Wolfe has sold over £55m of commercial property in the past 18 months – £30m worth of commercial property sold at auction and £25m by Bond Wolfe Commercial, the agency division.
Ian Tudor, managing director of Bond Wolfe Auctions, said: “Live streaming auctions has been far more successful than anyone in the industry could have imagined. With over 200 lots in our last two auctions, there is clearly huge demand – and only so many hours in the day!
“Since the launch of Bond Wolfe Auctions in January 2019, we have sold £30 million of commercial and mixed use property and we are the leading commercial auctioneer in the Midlands.”
In 2019, in a league table of 14 auctioneers in the Midlands undertaking commercial auction sales, Bond Wolfe Auctions was Number 1 with a market share of 37%.
Tudor added: “In the league table for 2020 year to date, we are Number 1 with a market share of 42%.
“We are seeing increasing demand from commercial vendors, particularly corporate clients. Our goal is to continue to grow our commercial auction division, and continue to provide an excellent, highly professional and honest service to our clients.
“We want to grow our regular client base and continue to attract lots from outside our immediate region, and establish the Bond Wolfe Auctions name as a leading national commercial auction house with a central base here in Birmingham.”
The intention is to grow the number of lots offered to allow Bond Wolfe Auctions in the future to hold independent commercial auction days separate to the residential sales.
Already Bond Wolfe Auctions sells property at auction for some of the leading names in the Midlands, including Birmingham City Council, Walsall Council, City of Wolverhampton Council and other public bodies including West Midland Police, The Ministry of Justice, Canal & River Trust and a number of NHS Trusts.
Tudor said: “We also act for corporate and private clients, LPA receivers and as joint agents with large international property advisers and local firms of chartered surveyors, plus church organisations including The Methodist Church.”