Featuring over 90 quality residential and commercial properties from across the North, our second property auction of 2020 resulted in success.
Although we had a smaller turnout than usual, which was to be expected, the room attracted the interest of some motivated buyers which led to some competitive and heated bidding.
Yesterday’s results prove that there are still plenty of buyers looking to purchase properties despite current market conditions.
We had some incredible success stories from Wednesday’s auction, with some properties selling for twice the guide price!
Let’s take a second look at a few residential and commercial lots that stole the limelight yesterday.
Let’s start with our first lot of the day – Lot 1, a two-bed terraced property situated in Manchester.
This property is proof that if it’s a fast sale you’re after, then Edward Mellor Auctions is the best route!
Having only been on the market for 6 weeks, we managed to achieve 38 viewings and 2 pre-auction offers, with the first offer being made within 3 weeks of the property becoming available!
As interest was high, we advised our client to sell their property in the room.
We began our March auction with this property and after some competitive bidding, the hammer finally fell on a sale price of £84,500 – an amazing £19,500 above guide!
The next property we’d like to talk about is a commercial property – Lot 6, a much-loved former Indian restaurant, The Kushoom Koly, situated in Heaton Moor.
Known to residents as ‘The Kush’, the famous local landmark was described as “a cornerstone of the Heaton Moor community” by customers.
The family-run business sadly closed 12 months ago after the tragic death of the owner, Faruk Uddin’s, son.
‘The Kush has been more than a restaurant, it is a legend’ – support floods in for Stockport curry house that closed following death of owner’s sonhttps://t.co/ihijIuxauE
— Manchester News MEN (@MENnewsdesk) April 24, 2019
Buyers rarely get the opportunity to own a building that has had such a loyal following of customers – which is why this lot is so special.
With interest high, we advised the vendor to increase the guide price prior to the auction taking place.
And after some intense bidding, the gavel finally fell on this lot at a price of £499,000, a massive £49,000 above guide!
One very lucky bidder now has the opportunity to step into a premise close to the hearts of the local community and reignite the passion the previous owners demonstrated over the past 49 years.
Our next star lot is lot 48, a vacant freehold parcel of land in Denton.
The vendor had previously bought with us and knew our auction team could achieve a great result for what some would call an awkward plot of land.
We valued the land at £10,000 and advised our client to set a guide price of £8,000 to ensure a sale.
Prior to the auction, the owner received an offer of £10,000. However, we knew we could achieve more and encouraged our client to let the room decide.
The gavel fell on this lot at a price of £18,000 – that’s an incredible 125% above guide!
Last but not least is our last lot of the day – Lot 94, a 4-bed semi-detached home situated in the sought-after area of Didsbury.
Another testament to the speed of auction – we listed this property and within two days had secured 18 viewings.
When we spoke to our client about selling the property, we advised a guide price of £250,000 but once again we exceeded our clients’ expectations and the hammer finally fell on a sale of £336,000.
The contracts were exchanged immediately and our clients will have their money in 28 days. From start to finish, our clients were able to sell their home in less than 7 weeks.
“Although we found ourselves in unprecedented times yesterday, people still arrived in their numbers with money to spend! In my eyes, a clear indicator of the general strength of the UK housing market!
Having said this we still have some fantastic property deals still available. So if you see something you like please get in touch.”