LITTLE SIGN OF AUCTION FATIGUE AS BIDDERS SNAP UP PROPERTIES IN NORTHERN IRELAND’S BIGGEST AUCTION IN A DECADE
30 June 2017Osborne King’s second auction of the year was the company’s most successful in terms of sales since 2007 with a total sales figure of £11.6 million achieved with 39 lots going under the hammer or sold prior to auction. In terms of success rate this reflected 89%, which is well above industry standard but in line with Osborne King’s usual rate.
Prospective bidders packed the auction room in the Clayton Hotel attracted by the extensive range of properties on offer that included city centre office buildings, development opportunities, industrial warehousing and residential property.
Among the highlights was a development opportunity on Finaghy Road South, Belfast which comfortably exceeded its maximum reserve price of £695,000 selling for £740,000. Outside Greater Belfast, a residential development site in Omagh, achieved almost three times its original reserve of £45,000 selling for £148,000. Similarly, a commercial investment in Donegall Pass, Belfast was sold for £148,000 well above its maximum reserve price of £95,000. Meanwhile, two high profile lots, Lesley Exchange 1 and Lesley Exchange 2 at East Bridge Street, Belfast, which had maximum reserve prices of £3.15 million and £2.3 million respectively were sold prior to auction for undisclosed sums.
Mark Carron, head of Osborne King’s auction team, remarked, “This particular auction attracted immense interest during the run-up to it and on the day itself and it is clear from the sales figures achieved that demand for property via the auction platform remains strong.”
“We had a tremendous variety of product on offer across the province and are encouraged by the fact that many of the lots more than comfortably exceeded their maximum reserve prices. Property remains an attractive asset class in which people are prepared to invest. With this in mind, we are already planning our next auction which will be held in October -www.osborneking.com/auction for further information.