AUCTIONnews
FINANCE
Auction House appoint lender
Auction House has appointed short term lender Bridging Finance
Solutions as a preferred finance supplier. The firm will have access
to buyers at Auction House’s network of 150 estate agency branches and 20 regional auction rooms across the UK, where a ‘Best Price, Certain Sale’ service means that repossessions are offered first by private treaty, and then via the auction route, if unsold. Auction House Director
Roger Lake said, “As mainstream banks reduce their exposure to the refurbishment market, more of our buyers are moving to specialist short- term finance arrangements. In Bridging Finance Solutions, we’ve found a firm with a proven ability to provide funds for property improvement quickly and efficiently.” The appointment follows
the completion of a major rebrand for Bridging Finance Solutions, formerly Bridging Finance (NW), to reflect its national growth after seeing a 42 per cent increase in lending outside the North West for the first half of 2010. The firm was also named ‘Best Regional Bridging Lender’ at the annual Bridging and Commercial Awards earlier this year. Steve Barber, director of Bridging Finance Solutions, added, “Auction House has enjoyed impressive growth over the past few years and I’m looking forward to building on what will be a mutually beneficial relationship for our businesses. “There’s significant demand
for fast, accessible finance in the property sector. Many investors are still finding it difficult to secure funding from mainstream lenders in order to complete property sales and carry out refurbishment works. As Auction House’s preferred finance supplier we will be able to help many more investors meet their objectives.”
44 SEPTEMBER 2010 PROPERTYdrum
Temple Manor, a Grade 2 listed building in Temple Hirst, near Selby, has been sold at auction by Hunters Exclusive Homes for £350,000, in excess of the guide price of £275-300,000. The building, which includes
the remains of a 13th century preceptory of the Knights
HISTORY Knights Templar stronghold sale
Templar, has been used as a 25-bedroom nursing home. Previously it was a pub. Legend has it that a tunnel runs from the house to Selby Abbey, eight miles away. The new owners, Bryan and Joanne Reader, plan to live in the historic part of the building and upgrade the nursing home section. Tom Wallis, Hunters Director
said, “It is very rare for properties of this historical importance to come on the market, I’m delighted that it fetched more than the guide.”
RESULTS
Acuitus Auction Raises £22m
A Barclays Bank in Chiswick, West London, sold for £4m as Acuitus raised £22m from its second
commercial property auction at the Millennium Hotel in London’s West End. The 2,900-sq ft Barclays Bank at 149-153 Chiswick High Road with residential and office accommodation above sold for Knight Frank LPA Receivers at a yield of 4.89 per cent. The 56-lot sale saw Acuitus raise nearly £4m more than in its maiden sale. Bank-occupied investments once again proved popular as another Barclays branch in Folkestone sold for £1.31m at a yield of just over five per cent again for Knight Frank LPA Receivers.
Acuitus auctioneer, Richard
MOD training camp auction UNIQUE SALES
The MOD often sells unusual properties but Penhale Camp in Cornwall is unique.
London auctioneers Andrews and Robertson hope to sell the 40 acre site (16 ha) camp by public auction on 21 September 2010. Penhale Training Camp is
located at Penhale Sands near Holywell Bay. The camp and training area occupies 400 ha, although the camp to be sold is only 16 ha. The camp is surrounded by MOD training area land and has its own access road. A western facing cliff top
location, it is surrounded by grassland and sand dunes. The site is in an area associated with historic mining activities and there are a number of disused mineshafts in the vicinity. Penhale Camp was built in 1939 and used for anti-aircraft training. It was used until recently by small groups of regular units, Territorial Army and Cadets, for training activities, including leadership training and outdoor pursuits.
Until its closure over 10,000
people used the camp every year, accommodated in numerous huts. The camp was closed to rationalise defence training needs. Unsurprisingly, the site is not
allocated for development in the Carrick District local plan. It is within a special area of conservation, a site of special scientific interest, an area of great
‘A special area of scientific interest, conservation and historic value.’
landscape value and an area of great historic value. However the site is likely to be classified as a brownfield site in which case some redevelopment might be acceptable in principle, subject to the above restraints and any necessary planning approval. It is ideal outdoor activity centre use or possible holiday homes, subject to planning consent.
Auterac, commented, “It’s been a tough week for commercial property auctions – as results from other sales have shown – but our auction has demonstrated that quality still sells and sells well. This is illustrated by the average sale price which was £821,212 per lot. “The market has changed
markedly during the past three months with buyers and sellers still coming to terms with the new conditions. The sale was very much back to basics with ground rents and also investments with solid covenants attracting strong interest – such as the three Enterprise Inn pubs which sold for a total of £3.189m at an average yield of 6.78 per cent. “Realistic pricing of short income properties is essential and we anticipate that the expectations of both buyers and sellers will move into closer alignment over the coming months. The sales that have taken place have provided a definite pointer for re-basing the more secondary investments for the autumn when I think buyers will be able to proceed with the benefit of clearer pricing levels.” “It’s a very precise market but
there is value to be had and we expect that the autumn sales will attract a new raft of buyers who have been waiting to enter the market and take advantage where they believe assets are underpriced.”
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