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Press Release

SVA PROPERTY AUCTIONS LTD
 

November 2019





TWO MORE FORMER BANKS SELL FOR RETAIL AND RESIDENTIAL DEVELOPMENT

November auction concludes successful year, despite Brexit uncertainty


SVA Property Auctions, Scotland’s independent property auction company, has sold 92% of the 13 lots offered at its November auction and raised over £1.3 million.

The auction drew a busy room, with a strong core of buyers, not only with money in their pockets, but with a willingness to invest it. Commenting on the optimistic auction mood, Shaun Vigers, SVA Property Auctions director and auctioneer said: “We were very pleased with the results of this auction, particularly in a year when we’ve had a backdrop of Brexit uncertainty and a couple of real bumps around the exit deadlines in March and October.  The catalogue was very robust with an eclectic range of investment, commercial and residential opportunities across Scotland and buyers responded with palpable enthusiasm.”

The appetite for former bank premises has continued unabated and the November auction saw the sale of a further two banks, both of which are listed buildings on high streets with separate entrances to the upper floors, ideally placed to be converted to residential accommodation.

The property on Drummond Street in Comrie, near Crieff, lies within the village conservation area and is an attractive three storey Category C listed stone building. Guided at £95,000, the property sold under the hammer for £176,000. Similarly, the second former bank premises, sitting on a prominent position on Alloa High Street was guided at £110,000 and sold for £170,000. It is understood that both buyers intend to use the ground floors for retail purposes and convert the upper floors back into residential accommodation.

Another successful sale was the derelict warehouse premises and land, extending over 1.23 acres, on Glasgow Road in Rutherglen which sold for £500,000, substantially in excess of the auctioneer’s expectations and a ringing endorsement of the effectiveness of transparent, competitive bidding.

Whilst the price tag may not have been so high, the open water reservoir, near East Framedrum Farm, near Forfar was another surprise in the room, with interest and the battle of competitive bidding far outstripping expectations. Guided at £15,000, the remote, overgrown 4.4 acre site, sold for £41,000. Says Vigers: “As always, it was fascinating to hear what drew interested people, prior to auction, to an unusual lot like this one. Someone told us they simply wanted to own a little bit of wilderness, whilst others had innovative business ideas such as developing an off-road quad biking venue. We will wait, with interest, to see what our eventual buyers will do with their new property.”

The November auction concludes SVA Property Auctions’ programme of auctions for 2019, a year in which the company has sold 84% of the lots offered and raised over £5.3million.

The next SVA Property Auctions sale will take place at 2pm on Wednesday 26th February 2020 and will be held in Glasgow at their regular venue, the Trades House of Glasgow.

 

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For further information, please call Shaun Vigers, SVA Property Auctions on 0131 624 6640.

 

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