1st December 2015
SVA PROPERTY AUCTIONS NOVEMBER 2015
LAND PARCELS SNAPPED UP FOLLOWING COMPLETION OF M74 MOTORWAY
SVA Property Auctions raise over £2million for Transport Scotland
At its final sale of the 2015 season SVA Property Auctions attracted a busy auction room, sold over 80% of the catalogue and achieved sales in excess of £3.4 million.
After extended and confident bidding, 10 of the 11 lots brought to auction by Transport Scotland, on behalf of the Scottish Government, were sold under the hammer. The eleventh lot was sold post auction to complete a total of over £2 million in sales for the agency and a 100% success rate for Transport Scotland’s tranche of surplus properties, which were offered following the completion of the M74 motorway.
Says Shaun Vigers, SVA Property Auctions director and auctioneer: “The portfolio of small parcels of land and larger development sites offered by Transport Scotland attracted some serious investors with deep pockets. A significant number of bidders were working comfortably with bids in the region of £250,000 to £500,000. A number of lots, without planning consent, achieved the kind of money we have been more used to seeing for sites with planning consent already granted. However, the sites around the M74 motorway have huge scarcity value and canny buyers were quick to recognise their commercial potential arising from their positions adjacent to the motorway.”
Three of the Transport Scotland lots sold for over £400,000 under the hammer. A prominent 1.53 acre site at Eglinton Street in Glasgow, which sold for £425,000, is currently a level, clear site and lends itself to a mixed development of residential and commercial uses. In Scotland Street, a vacant warehouse on a 0.65acre site sold for £470,000 after attracting the most interest both before the auction and on the day. It is anticipated that the buyer will refurbish the property to make it fully operational and develop the surrounding land for building and/or parking.
A residential development in Falkirk was another lot to exceed the expectations of both sellers and the auctioneers on the day. Two ground floor retail units on Glasgow Road in Falkirk, with a mixture of storage, vacant land and warehousing to the rear, sold for a pleasing £142,000.
Reviewing the auction Vigers said: “There was clearly a wealth of experienced business people in the room and we are of course, delighted to see such a level of confident investing. The release of property back onto the market, which had previously been bought as part of the major M74 motorway development project, was obviously very welcome and looks set to be the source of new investment and re-generation in the area.
SVA Property Auction’s next auction will take place on 18th February at 2.00pm in Edinburgh’s Marriott Hotel.
For further information, please call Shaun Vigers, SVA Property Auctions on 0131 624 6640.