CP Bigwood’s latest sale raised £11.08m, with an 87% success rate, raising £2m more than last September’s sale.
The top lot was a row of three two-storey freehold terraces in Birmingham, comprising shops on the ground floor with ancillary rooms above. Guided at £415,000, with a 15-year lease and £33,000 income pa, the lot sold for £640,000 – a 5.17% gross yield. On the same street, a carpet showroom with storage area above it, a 10-year lease and £28,000 pa income, was sold for £565,000 against a guide price of £250,000. This represents a 4.96% gross yield.
A vacant former nursing home in Dudley, West Midlands, spanning 8,755 sq ft, with 29 bedrooms and redevelopment potential, surpassed its guide price of £150,000 to £200,000, going for £354,000.
The sale raised around £3.5m less than July’s auction. Of 99 lots offered, 11 sold prior and 75 were sold in the room. The auction, on 3 September, took place at Aston Villa Football Club.
