AUCTION SALES SHOW THAT INVESTING IN “BRICKS AND MORTAR” IS STILL AN ATTRACTIVE PROPOSITION FOR INVESTORS

28 March 2013

Successful bidders at Osborne King’s first auction of the year, which took place in Belfast recently seized the opportunity to acquire a range of property and development land at extremely affordable prices.  On the day, Osborne King’s auction team sold 23 of the 27 lots on offer withdrawing four properties during the sale.  The team had sold five properties prior to auction resulting in an overall sales figure of 85% and a total sales receipt in excess of £1.5 million.  Properties for sale included The Carlton Hotel, Belleek, private houses, residential development land and commercial premises with maximum reserve prices ranging from £15,000 to £300,000.  The four properties withdrawn from the auction have been the subject of enquiries from interested parties and the company expects to sell most of them within the coming weeks.

Residential properties outside Greater Belfast attracted bidders keen to acquire well-priced houses.  Two houses within the Limavady area, each priced at £65,000, were sold for £92,000 and £94,000 respectively while a three-bedroom townhouse in Lurgan made its maximum reserve price of £57,000, and another three-bedroom townhouse in Derry was sold for £37,000 exceeding its reserve of £30,000.  Among the deals of the day was the sale of 15 acres of agricultural land near Buncrana, Co. Donegal for £20,000 while a warehouse/workshop with yard facility in Belfast realised its maximum reserve price of £45,000. 

Commenting on the day’s proceedings, Mark Carron, head of Osborne King’s auction team said: “This was one of our busiest auctions to date in terms of pre-auction enquiries and viewings. We were also very pleased with the turnout and level of interest on the day despite the extremely difficult weather conditions.  The auction room was full of genuine bidders, which is not surprising given the affordability of the majority of the properties on offer.  I think it’s fair to say that we are now at the bottom of the market, so it is an excellent time to acquire extremely keenly-priced properties whether it’s for investment purposes or otherwise.  Judging by the number of enquiries leading up to this auction, which surpassed previous occasions, it is obvious that people are now much more comfortable with acquiring “bricks and mortar” again as a primary form of investment.”

Osborne King’s next auction will take place on Friday 14th June 2013 with a closing date for entries by 8th May 2013.

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