Press Release

Despite the weather, SVA Property Auctions, Scotland’s independent property auction company, saw the busiest auction room in a year, at its February auction. 88% of the 45 lots were sold under the hammer and post auction whilst Fife Council, Scottish Water and BRB (Residuary) Ltd saw sale results for 100% of their portfolios.

Highlights of the auction included the sale of one of Fife Council’s former public conveniences on Pit Road in Cowdenbeath. The property sold for £35,500, a good 15% above expectation, secured by a local business looking to expand its existing business interests.

BRB (Residuary) Ltd were delighted with the sale of two sections of former railway line in Aitken Street, Glasgow, which sold for a combined total of £32,500 under the hammer. Says SVA director and auctioneer Shaun Vigers: “These were pleasing results with buyers clearly identifying commercial opportunities for the sites - one of which certainly affords the possibility of extending arrangements for an advertising board and consequent income stream.”

Allt Dogha Weir, near Corpach was another auction room highlight, this time for Scottish Water with the lot price quickly rising to £61,000, over twice what comparable reservoirs have secured in the past. Says Vigers: “Given our experience of reservoir sales over the last 10 years, I would imagine that only the development of a commercial project related to renewable energy would justify the sum paid for the lot. However, experience has also taught us that there is always room for surprises - both under the hammer and after hand over.”

Reviewing the auction, Vigers is cautiously optimistic: “Scottish Water’s total proceeds from the auction exceeded expectations, bringing in around £240,000 for 25 disparate lots. Overall, whilst residential sales are still sticky, there is a clear signal that the right commercial opportunities, if appropriately priced, are commanding excellent figures.”

SVA Property Auction’s next sale is on Wednesday 28th April 2010 at 2pm at the Edinburgh Marriott Hotel, 111 Glasgow Road, Edinburgh.
 

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NB: Photography can be lifted from the enclosed catalogue with no copyright infringement or equally can be lifted from the website www.sva-auctions.co.uk

For further information, please contact Shaun Vigers, SVA Property Auctions on 0131 624 6640. or Alison Walker, AW Public Relations on 0141 620 0881.