SUTTON Kersh has generated receipts of £2.6m from its latest Liverpool property auction.

The firm says it has sold 50 of the 65 properties available in the sale, which took place at the Marriott Hotel, in the city centre.

Prior to the auction, 11 properties from the initial catalogue of 73 lots were sold and eight withdrawn.

Residential investment properties once again dominated the auction accounting for 74% of the sales.

A two-bedroom first-floor apartment in Bowring Court, near to Bowring Park, sold for £30,000 in excess of its guide price of £65 000. The property is currently let by way of an assured shorthold tenancy at a rental of £7,200 per year.

It attracted numerous underbidders before eventually selling for £94,000.

Cheap vacant commercial units were also snapped up, with 12 out of the 17 available selling.

A 2,580 sq ft vacant commercial unit in Fender Way, in Prenton, sold for five times its guide price.

The two-storey building, which was formerly used as a youth centre, gym and hairdressing salon, was guided at just £10 000 and sold in the room for £51 000.

Cathy Holt, auction manager at Sutton Kersh, said: “Activity in the buy-to-let market continues to be buoyant, as investors seek a better rate of return than is available through banks and other markets.

“Buying to sell now poses more risk. Investors who are cash rich, or using bridging funds, are buying distressed property to which they can add value to then obtain a mortgage as part of a refinancing strategy and retain the property more long term to maximise their returns on investment.

“A high proportion of the properties included in our recent catalogue were in need of repair and modernisation.”

Sutton Kersh is now accepting instructions for its final auction of the year, which will take place on December 8, once again at the city centre Marriott Hotel.