21st December 2018
Strong interest in commercial properties in SDL Auctions Bigwood’s Birmingham auction
From an old bank to a former social club, competitive bidding brought great results for commercial properties in SDL Auctions Bigwood’s latest Birmingham auction.
The hammer came down at £330,000 for a former branch of the Santander Bank at 25 Market Place in Nuneaton, which had a *guide price of £295,000+.
A mixed-use property that once hosted the Royal British Legion downstairs with accommodation above at 25 Station Road in Kings Heath, Birmingham sold for £415,000 from a guide price of £200,000+.
Another commercial property in Birmingham that sold well was a two-storey unit at 1722 Bristol Road South where the ground floor formerly traded as a car spares business. This sold for £134,000 from a guide price of £105,000+, while a similar property at 2 Cliff Rock Road sold for £123,000 from a guide price of £105,000+.
Over in the Black Country, a two-storey building at 50-52 High Street in Bilston that was recently used as a play centre, sold for £141,000 from a guide price of £135,000+. The property has planning permission to convert the upper floor into a pair of one bedroomed flats.
A building at 29 Derby Street in Stoke-on-Trent that houses a branch of Lloyds Chemists was sold for £136,000 from a guide price of £125,000+. This property included ground rents worth a total of £500 a year for two flats above which have been sold off on long leases, while the chemists is on a new ten year lease producing annual rental of £12,500.
The SDL Auctions Bigwood’s auction on 12 December at Villa Park raised over£5.3 million.
Andrew Parker, managing director and auctioneer at SDL Auctions Bigwood, said: “The shortage of decent commercial property stock across the Midlands means there is continued strong demand from investors at our auctions.”
SDL Auctions Bigwood’s next auction is on Thursday 14 February at Villa Park. Anyone looking to sell under the hammer can call the team on 0121 233 5046.
* Each property is subject to a Reserve Price which may be different from the Guide Price. For full definitions see www.sdlauctions.co.uk/glossary.