Edward Mellor Auctions raised more than £3m from its second-biggest catalogue since 2014.
The Manchester-based auction house sold 59% of the 65 properties offered at its 27 April sale, producing sales of £3.2m.
A vacant, structurally poor snack bar with three rooms above in Hyde, Cheshire, attracted “feverish demand”, according to auctioneer and head of commercial Nick Green. It sold for £68,500 off a guide price of £38,000.
Green said he was seeing less demand for commercial lots, particularly those priced at more than £150,000. But he said that where bidders showed an interest, they were likely to be serious, rather than speculative, buyers.
“Commercial buyers are being more savvy and need more time for due diligence,” he said.
Over the past six months, commercial investors seemed to be taking longer to secure finance such as bridging loans, and this sometimes made it difficult to sell lots with short run-in times, as opposed to those that had already appeared in another catalogue, he said.
Another highlight was a four- room terraced house in Gorton, Manchester, which sold to a residential investor for £72,000 off a guide of £57,000-plus.
“We expected it to sell at around £65,000,” said Green, who added that the sale showed the high demand for vacant residential lots despite the stamp duty rise for buy-to-let properties, which took effect on 1 April.
He said: “People are looking for the long-term gain.”
The sale took place at the AJ Bell Stadium in Manchester.
