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Results for 15 July 2008
A £2m HARD SELL
Mark Jenkinson and Son's July sale produced a total in excess of two million pounds despite the afternoon seeing one of the toughest sales in recent years writes Paul Hough, the firm's auctioneer partner.
An original catalogue of fifty – one lots was reduced to forty – three by those withdrawn or postponed, and after taking into account the two sold prior and a further three sold immediately afterwards in the room, the overall success rate of over 51% is more in line with recent results at other major property auction houses in the country. Mark Jenkinson and Son enjoyed the highest success of all such property auction practices (ie those offering regular sales rather than occasional one – off events) in the north of England for the first six months of the current year at around 75%.
While not all the offered lots were sold, it is worth remembering that those which were successful now have a signed contract in each case and a fixed completion date, usually four weeks from the date of the sale. Others have been exposed to the market and may well be the subject of offers in succeeding days.
As usual the popular monthly sale was well attended. Sheffield United's Platinum Suite provides excellent facilities including a large car park, and visitors from around the country were there to buy. One bidder had travelled four hundred miles that morning to make his purchase!
Television cameras were present at the sale. Property trends are clearly in the news at present and ITN were keen to include the auction scene in their reporting.
The first few lots included a number of small houses in the Sheffield area, the first lot, a semi detached house at Handsworth, in need of much renovation selling well at £95,000. Others followed with varying success, with a mid terrace house, again in need of modernisation, and again selling for £95,000. Other houses in need of work included an inner terrace house at Greystones, Sheffield (£110,000) and a detached fire damaged dormer bungalow at High Matlock, Stannington, Sheffield which offered for the second time in recent months achieved £170,000.
In the current climate, where confidence is lacking, and banks are said to be more wary of lending than the oft quoted Aberdonian, it is no surprise that building land is hard to sell. Three lots were on offer, and none attracted sufficient bids. The sale of grazing land was another matter. Sixty acres were offered and sold in five lots. One of the lots included outbuilding with possible future development potential. This lot, with 11.88 acres sold for £99,000. The remaining land was sold for an average of £4121 per acre. All the land was sold subject to two existing agricultural tenancies.
One small parcel of land at Little Lane, Intake, Sheffield did sell. There is no planning consent, but initial discussions with the Local Authority department indicate development possibilities. This sold for an expected £75,000.
Certainly thought by the auctioneer to be the bargain of the day was a fine detached property at Dodworth, Barnsley. With .375 acres of landscaped gardens, this very attractive house was snapped up for £180,000.
Commercial property frequently features in Mark Jenkinson and Son sales. The July sale included a mixed residential / commercial investment at Mansfield Road, Intake. It was sold “in the room” immediately afterwards. An investment property comprising a Barber shop, pet food shop, Italian restaurant and a branch of an estate agency was sold for £301,000 for a current income of £20,800 per annum. A gross initial yield of slightly less than 7%.
The firm does not sell in the holiday month of August. As a result the September sale, this year to be held at Bramall Lane on the 16th, is usually a very busy one. Auction co-ordinator partner Adrian Little and his team are looking each day at potential lots and already has many confirmed instructions. Final date for entries is August 8th, but Adrian advises early contact if you wish to be sure of entering a property. Not all properties are suitable for auction sale, and reserves must be realistic for a chance of success. Advice is freely available and Adrian is happy to speak about his favourite subject, particularly if your interest is in “property with potential”
The next
sale will be held at the Platinum Suite, Sheffield United Football Club on: 16/09/2008.
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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