LIVERPOOL property firm Sutton Kersh has raised more than £3m from its latest city property auction – one of its best performances of the year.
And director James Kersh claims it is a sign that investors are returning to the local market.
Kersh raised £3.1m at the auction, its penultimate of the year, at the city centre Marriott Hotel in Queen Square.
There were 64 lots on offer and pre-sale activity was strong with 17 properties selling prior for £1.4m.
A further 21 sold in the room and post auction, pushing the total sales percentage to 60%.
The auction commenced with a competitive bidding war for 1 Wellington Road.
The redevelopment-refurbishment opportunity in Garston with a total net internal floor area of 1,216 sq ft and a total site area of 9,526 sq ft comprises a vacant three-storey building that was previously used as a school before being converted into offices.
Guided at £70,000, the lot attracted interest from numerous under-bidders and eventually sold for £170,000.
A redevelopment opportunity at 59-61 Shaw Street in north Liverpool achieved the highest hammer price of the day.
The lot, comprising two large adjoining and interconnecting former Georgian dwelling houses with accommodation arranged over four floors and a yard area, sold for its guide price of £250,000.
Lots which sold significantly over their guide prices included a vacant residential property on Upper Dicconson Street in Wigan.
This was guided at £95,000 plus and sold for £112,000 and a residential investment in 51 Broadhurst Street in Aigburth, which was guided at £100,000-plus and eventually sold for £115,000.
Mr Kersh told LDP Business: “This was the most positive auction room I have witnessed in a long time.
“There were many investors present with the intention of buying and buoyant bidding levels resulted in decent hammer prices being achieved.
“Speaking with a number of professional investors, they believe the market is now bottoming out.
“They are keen to capitalise on the deals available by growing their portfolios, optimistic of making good returns as the market enters recovery.”
Sutton Kersh is now accepting instructions for its final auction of the year, which will take place on December 8.
