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Commercial property proves popular under the hammer

Thursday 10 January 2019

SDL Auctions Bigwood’s latest Birmingham auction brought a great result for commercial properties, as competitive bidding saw lots including an old bank and a former social club raise over £5.3 million.

The hammer came down at £330,000 for a former branch of the Santander Bank in Nuneaton, which had a guide price of £295,000+.

And a mixed-use property in Birmingham, that once used it's downstairs to host the Royal British Legion, with accommodation above, sold for a staggering £415,000 from a guide price of £200,000+.

The sales continued to achieve above their estimates as a two-storey unit in Birmingham, where the ground floor formerly traded as a car spares business, sold for £134,000 from a guide price of £105,000+. And a similar property at 2 Cliff Rock Road sold for £123,000 from a guide price of £105,000+.

Over in the Black Country, another two-storey building that was recently used as a play centre and has planning permission to convert the upper floor into a pair of one bedroomed flats, sold for £141,000 from a guide price of £135,000+.

And 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.

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.