Land lots almost double guide price estimates at auction

Auction

Land lots – including half an island in the River Don – sold for at least double their guide price after going under the hammer at Mark Jenkinson and Son’s £4.5m September auction.

The eastern half of the wooded island site just down from Ewden Beck sold for £7,250, more than 14 times its guide price of £500.

More than 1.5 acres of Greenbelt land with future development potential between Main Road and Long Wood at Wharncliffe Side, Sheffield and guided at £30,000 sold for £79,000.

Meanwhile 230 sqm of vacant land adjoining 150 Pontefract Road in Barnsley with a guide price of £10,000 went for £19,500.

Thirty-two of the 39 lots sold in Mark Jenkinson’s sixth auction of the year – an 85% success rate, raising £4.5 million.

There was continued strong demand for unmodernised houses at the auction, with the biggest lot of the day a high-profile residential investment of three three-bedroom terraced houses on Whitham Road in Broomhill with a guide of £750,000 selling immediately afterwards.

Adrian Little, Head of the Auction Department at Mark Jenkinson and Son, said: “Prices in the room varied between £6,100 for some residential ground rents in Sheffield to £496,000 for an industrial investment in Hull.

“There was strong demand for lots offered on behalf of Hull City Council with all achieving figures substantially above reserves. A number of the larger lots showed yields in the region of 5 per cent.

“Fierce competition was seen to the very last lot from local and national buyers, both present at the auction and at the end of the telephone line.

“This was our first auction after the summer break but was full of encouraging results and entries are already being taken for our October auction.”