Property firm’s sales record smashes through £200m
Bond Wolfe has recorded record revenues for 2022, finishing the year on over £210m, a 20% increase on the 2021 result.
Commercial agency also set a new high, agreeing £60m worth of deals across the UK, with auction sales totalling £150m.
Highlights of the year included the £11.61m sale of Douper Hall in Selly Oak, Birmingham, one of the largest student residential investment sales ever recorded in the West Midlands.
A prominent Birmingham retail parade was sold for £4.7m. The seven properties at 120-138 High Street, Kings Heath, have a combined annual income of £395,350, representing a net yield of 7.89%. The tenants include household names such as Wilko, Greggs, Specsavers, Lloyds Pharmacy, Chadwick Food, Scrivens and Bon Marche.
A large retail unit let to a busy Wilko superstore on a main road in Birmingham was sold for £2.2m. The 22,043 sq ft property at 1062-1066 Warwick Road in Acocks Green is currently let to Wilko on a ten year lease expiring in April 2027, on a passing rent of £175,000 a year.
James Mattin, managing director agency, said: “Retail investment sales were the real driver for us in 2022, coupled with notable sales like Douper Hall in the student investment sector. It was pleasing to note the volume of activity despite the turbulent economic climate and the signs remain strong for 2023 so far.”
The auctions division sold 972 lots from the 1,100 offered in 2022, representing a success rate of 88% and raising £150m in sales. This brings the total sales raised since the relaunch of the auctions division in January 2019 to nearly £518m.
Bond Wolfe is the appointed auctioneer for Birmingham City Council, City of Wolverhampton Council, Sandwell Metropolitan Borough Council, Walsall Council and West Midlands Police.
Chief executive Gurpreet Bassi said: “We also act for a large number of major clients, including many of the other local authorities, major banks, LPA (Law of Property) receivers, housing associations, solicitors, estate agents and property companies – as well as the many individuals who regularly chose to sell their properties through our online, live-streamed auctions.”
“We are proud to have become the UK’s number one livestreamed auctioneer, having sold more properties via the livestream method than any other auctioneer.
The business also boosted its services division when it acquired a 50% stake in Robson Property Management, a commercial property management business with offices in London and Birmingham, which acts for property funds, institutions, corporate and private clients, managing a portfolio in excess of £2.5bn.
Bassi added: “We have a number of complementary businesses in the property sector on our radar, and we plan to continue our growth throughout 2023, whether organically or by acquisition.”
Bond Wolfe’s next auction is on Thursday, 9 February.
