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Results for 09 March 2010
EXCELLENT EARLY SPRING AUCTION SALE
Mark Jenkinson and Son's March sale at Sheffield United's Platinum Suite was a clear
indicator of increased demand for properties with potential writes Paul Hough, the
firm's auctioneer partner.
The original catalogue of fifty – two lots was reduced by two withdrawn sold prior and
another postponed sale.
The sale was in morning and afternoon sessions, with the morning mainly devoted to
Sheffield properties.The afternoon largely concentrated on Chesterfield and Barnsley.
The morning session was watched by a large crowd and bidding was brisk for most lots.
The early properties were generally sold comfortably over reserve, with some outstanding
lots such as a vacant house in need of complete modernisation at Wadbrough Road,
Sheffield 11 which sold for £231,000 and a student investment property at Stalker Lees
Road, Sheffield 11 which achieved £205,000. The current income is £18590, with
potential for an increase to £19370. Those who follow investment trends in this type of
property will note a gross return on capital of 9% to 9.6%. A second student investment
property at Monmouth Street, Broomhall Sheffield with a current income of £10,800 and
potential for increase to an estimated £13500 was sold for £168,000. On current
income, the gross yield is 6.4%, rising to 8% on the suggested improved rent basis.
An attractive three bedroom bungalow at Wood Lane Stannington was in need of work.
Serious bidding soon took the price to £140,000.
The former Lindrick Hotel, Sheffield did not reach reserve, but at the time of writing a
number of potential buyers are in discussion with Auction Co-ordinator Partner Adrian
Little.
A substantial workshop and office building at Petre Street Sheffield was described as
being in need of renovation and improvement. Competitive bidding quickly reached the
final price of £96,000.
The afternoon saw a good number of small tenanted and vacant houses on offer, mainly in
Barnsley, but also Sheffield, Chesterfield and Maltby. The houses were almost all sold
above reserve. Particularly interesting were sales of building land at Elsecar,
Barnsley, where a single plot with planning for a five bedroom detached achieved
£83,000 and Calver Avenue North Wingfield, Chesterfield where 1.36 acres with planning
for seventeen houses was sold for £340,000.
Ex – public houses are always difficult. One problem being that there are so may of
them. The former King of Diamonds at Langwith Junction, Mansfield attracted bids, but
none were close enough to reserve.
An interesting lot entrusted to Mark Jenkinson and Son by North East Derbyshire District
Council was a former toilet block at Ford, near Ridgeway. Sat on 193 square metres of
freehold land the block went for a surprising £44,000.
The next Mark Jenkinson and Son sale will be held at Sheffield United's Platinum Suite
on April 20th . The final date for entries is Friday March 12th . A good number of
lots have been confirmed. The 18th May sale has a final date for entries of April 9th
and Adrian Little and Mark Renshaw are discussing entries with various owners now. The
firm will then be selling on five further dates in the current year enabling owners to
easily plan disposals. Mark Jenkinson and Son has for many years enjoyed an unrivalled
reputation for success in auction sales and Adrian Little and Mark Renshaw have intimate
knowledge of achievable values of the type of properties which sell well in the region.
Advice on sales is always available. Not all properties are suitable and this is clearly
pointed out where appropriate. Please contact Adrian or Mark if you would like to
discuss the possibility of a sale, particularly if your interest is in property with
potential
The next
sale will be held at the Platinum Suite, Sheffield United Football Club on: 20/04/2010.
Catalogues are available either by personal call, or by annual subscription
at nominal cost.
Contact
Adrian Little at Mark Jenkinson and son without delay if you
want to know more about this exciting form of selling, which is
of course ideally suited to "property with potential"
 
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