Partly constructed factory building in Arbroath sells for five times guide price
SVA Property Auctions, Scotland’s independent property auction company, achieved 100% success for its May auction with all 14 lots being sold, nine of which were bought on the day under the hammer, in real time.
Says Shaun Vigers, SVA director and auctioneer: “Our vendors and buyers are continuing to embrace the live streamed auction process but we did notice this month that people are perhaps pausing to draw breath a little. We have seen a bit more restraint for the more completely speculative opportunities whilst properties ripe for an obvious re-development continue to command good prices.”
A case in point was certainly the sale of the former Perimax building on the Kirkton Industrial Estate in Arbroath, a partly constructed factory/warehouse buildings with offices, extending over 2,539 square metres on a site of 2.1 acres. The lot, with clear re-development potential, sold for £296,000, five times the guide price, after very competitive bidding in the latter stages of the sale. Says Vigers: “It was an interesting lot, attracting a variety of potential buyers, including someone looking to invest in the property purely for the value of the substantial steel frame. However, we believe the successful bidder is likely to use the property for industrial storage.”
Another auction highlight was the sale of the former Tarbolton Clinic on Montgomerie Street with parking at the front and a small area of undeveloped ground at the rear. Guided at £30,000, the lot attracted 10 registered bidding parties and eventually sold for £87,500. The rear part of the property had been used as a GP practice and the area to the front as a clinic for ancillary services. Says Vigers: “As historically the front of the property would have had residential consent, there may ease the process of achieving full residential planning consent. This may be a factor contributing to the enthusiasm of the bidding process.”
A two bedroom semi-detached cottage at Parkhill, Dyce in Aberdeenshire was another auction success, selling for £72,000, pretty much in line with the guide price. The single storey property with an attic is an 120 year old traditional cottage, requiring a comprehensive refurbishment after being left empty for years and ultimately underlining the auctioneer’s sense that, despite market restraint, there remains a confidence and appetite for investment in even major re-development projects.
The next auction of the 2022 programme will take place on Wednesday 29th June at 2pm and will be a live streamed event.
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For further information, please call Shaun Vigers, SVA Property Auctions on 07979 367393
