Sutton Kersh auction raises £3m
The Liverpool auctioneer sold 38 out of 57 lots on offer at its latest auction, with a shop in Allerton occupied by a rival firm the most sought-after property.
Sixteen lots were sold prior to the day of the auction and a further 22 lots were then sold on the day.
The commercial investment on Allerton Road occupied by rival estate agency firm Move Residential saw a long bidding war.
The two-story retail and office premises, located two doors along from Sutton Kersh's South Liverpool office, currently produce £40,000 a year rent. People with an interest in the premises were forced to observe Section 36 of the Charities Act 1993, which prohibits the sale of the property to anyone who is, or might be regarded as a 'connected person'. A long bidding war that involved numerous interested parties in the room and on the telephone resulted in the lot selling for £454,000 – £100,000 above its guide price.
James Kersh, director of auctions at Sutton Kersh, said: "It was encouraging to see so many investors in the room. Residential investments continue to be popular. It was the largest catalogue that we have offered this year and included a lot of good quality stock. I am hopeful for another good auction in September."
Investors were particularly keen to scoop up terrace houses in the L4 and L6 postcodes with the majority selling between £35-£45,000. Former public houses on Linacre Lane in Bootle and Seaforth Road in Seaforth also sold.
A redevelopment opportunity on Menlove Avenue comprising an attractive double fronted house that has been extended was withdrawn prior to the sale and is now available for private tender. The premise occupies a prime position within the popular South Liverpool suburb and has a gross plot size is 34,676 square metres. Planning permission has been granted to use the former care home as a single dwelling. Sutton Kersh is inviting offers in the region of £300,000-plus.
