Bond Wolfe Auctions, the UK’s newest auction business, raised £16.7m at its first auction in Birmingham.
The auction, held in the Holte Suite at Aston Villa FC, saw 103 lots out of 115 sold in front of a standing-room-only crowd.
It was the most successful auction in the Midlands since May 2018 based on the amount raised, and the most successful since December 2017 based on the percentage sold.
Gurpreet Bassi, Bond Wolfe chief executive, said: “When we launched Bond Wolfe Auctions in January with an experienced team that has worked together for a long time, we hoped we would hit the ground running, but this result has exceeded all our expectations.”
Highlights of the day included the locally-listed former Selly Oak water tower, which was offered with planning permission for three flats and associated parking. It sold for £238,000, from a guide price of £100,000+. A three-bedroom detached house at 2 Manor Abbey Road, Halesowen, which requires total refurbishment, sold for £260,000 from a guide price of £140,000, while a three-bedroom semi-detached house in Smethwick, which was offered with a guide price of £75,000, saw the hammer eventually fall at £164,000.
A number of commercial properties also attracted substantial interest with several selling pre-auction, including a large mixed-use city centre investment in Coventry, which had redevelopment potential and a current annual gross income of £65,000. It was sold for well in excess of its £595,000 guide.
Bond Wolfe’s next auction takes place on 9 May.
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