8th April 2019
Refurbishment properties set to be given a new lease of life after auction
Refurbishment properties once again proved popular with bidders at the SDL Auctions Cheshire and North Wales auction at Chester Racecourse.
Investors and developer appreciated the opportunity to add value to terraced homes in particular.
One such property was a three-bedroomed terrace with sea views in Wales. 19 Groesffordd, Greenfield, Holywell, Flintshire, was the first lot of the day, getting the bidding off to a good start by selling to a telephone bidder for £63,000 from a *guide price of £40,000+.
Situated in a quiet residential location close to local amenities and transport links, the freehold property has gardens front and rear while, inside, it has a living room, kitchen and utility room on the ground floor, with three bedrooms, a bathroom and separate WC on the first floor.
Another terraced property requiring modernisation which sold at the auction was 9 Bark Hill, Whitchurch, a traditional two-bedroomed mid-terrace close to the railway station. It has a lounge and kitchen on the ground floor, and two bedrooms and a bathroom upstairs. Outside is a rear yard. It sold for £65,000 from a guide price of £60,000.
The stand-out lot of the day was a derelict single-storey cottage with outbuildings and grounds, which attracted enthusiastic bidding. As the final lot to go under the hammer, the sale of Y Coed, Tan Lan, Ffynnongroew, Holywell, ended the auction on a high note, attracting a price of £76,000 from a guide price of £20,000+.
Among the commercial properties to be offered for sale was 18 High Street, Bala, a single-fronted shop in a high street location. Suitable for letting as retail outlet or conversion to residential use, subject to the necessary planning permissions, the freehold property sold for £52,000 from a guide price of £50,000+.
Debs Latham, head of residential auctions at SDL Auctions Cheshire & North Wales, said: “It is always satisfying to get good results for our vendors and especially to know that run-down properties are about to be given a new lease of life to provide much-needed homes for people.
“As one of the largest auctioneers in the country, we have access to a wide network of private buyers, investors and developers, who are all looking for their next property project. Buying and selling at auction couldn’t be more straightforward, avoiding the hassle of lengthy chains and potential fall-throughs, and I’d urge anyone looking to sell a property to consider the auction route.”
Last year, SDL Auctions sold 2,135 lots, raising £215m, representing an increase of 25% on the previous year. In February alone, SDL Auctions raised £21.5m for sellers.
To find out more about selling a property at auction, whether at a room auction or online, click here.