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Festive cheer at the last property auction of 2016

13.12.2016 Site Manager

A packed auction room at Clarendon Villas Church in Hove witnessed another highly successful outing by Austin Gray’s Auction House team when all but one of the lots sold, raising just shy of £2.5m.

 

The lots ranged from development sites through to freehold commercial investments, and residential properties for investment or occupation with some notable highlights. A seafront one bedroom Kemp Town flat with a very large balcony and only 56 years remaining on the lease sold for £362,000. A 2-up, 2-down terraced house in Arundel with a collapsing first floor supported only by acrow props was extremely popular. Fifteen people registered to bid with the property selling for £266,000, from a guide price of £200,000+.

 

Possibly the most unusual lot was a store room on the half landing of a listed building in The Drive, Hove. Measuring 8’6 x 7’5, it caused quite a stir when it sold for a whopping £19,000. This equates to approximately £300 per square foot for storage space!

 

With a 93% success rate, the sale was a fitting end to a record-breaking year for the auctioneers. They held more auctions (8), with more lots entered and more lots sold. They smashed their own sale total record by some margin with auction sales for the year achieving over £22m. The previous best was £17m back in 2014. In addition, the team in the auction, investment and land department at Austin Gray have also handled several substantial private treaty sales totalling a further £6m.

 

The first auction sale of the new year will be on Thursday 9th February. If you have a property which you think will benefit from a sale by auction or are interested to know more about the buying process, get in touch with the Austin Gray auction team on 01273 201980.