Auctions

Each year over £1Bn of property is sold at commercial property auctions. With lot sizes averaging ca. £600k, these properties are well suited to private investors backed by finance.

However, it’s virtually impossible for the average private investor to review every auction catalogue within the tight auction timeframes – that’s where we come in.

We monitor and attend all the top auctions, looking for investments that match our clients’ requirements. Having dealt with literally thousands of auction properties over the last 30 years, our buying and selling service aims to increase the benefits and mitigate the risks outlined below.

To get the latest news from the Auction room as we see it, click here. In 2016 we started our Auction Analysis blog, which picks apart a few deals sold in each round of auctions to understand the drivers of value and market sentiment.

Buying at auction

Benefits

  • Quick and guaranteed timeframe
  • No ‘gazumping’ once that hammer goes down
  • Get yourself a bargain – easier said than done!

Risks

  • Buyer beware!
  • Last-minute guide price changes and the addendumissued on the day could change everything
  • Too many catalogues & too little time make finding the right deal difficult
  • Abortive costs don’t just mean legal expenses, but also your time!
  • Over-paying

Our service

  • Identify suitable properties, do the due diligence & liaise with the auctioneers
  • Agree on the best bidding strategy
  • Arrange Finance for the purchase (ideally before but also possible after auction)
  • Liaise with solicitors (whom we can recommend)
  • If things change last-minute (they often do) or the price exceeds your limit, we will advise what to do
  • Only if successful will we charge you a pre-agreed acquisition fee i.e. no abortive acquisition fees
  • Management & Insurance of your new property if required

Selling at auction

Benefits

  • Quick & guaranteed timeframe
  • Flexibility to adjust your reserve price or sell pre- or post-auction
  • Wide-marketing & definitive sale date could provoke strong bidding

Risks

  • Abortive costs including catalogue fees
  • Selling short with too low a reserve or scaring off buyers with one that’s too high
  • Tarnishing your property in the event of a non-sale
  • Sale fees are often higher than private sale fees

Our service

  • Review all options available to you – private, auction or otherwise. If auction is best, then:
  • Decide which auctioneer to use
  • Agree the reserve price
  • Assist with marketing the property to our database
  • Negotiate with pre- or post-auction bidders
  • Advise if any last minute reserve price changes are necessary
  • Only if successful will we charge you a pre-agreed disposal fee i.e. no abortive disposal fees

To discuss our commercial property auction services in more depth please contact Jesal on jesal@prideviewproperties.co.uk or 0203 113 2146, or view our current range of commercial property for sale here.

  • “The Allsop Auction team have had a close working relationship with the Prideview team for over 25 years. We have sold many properties for and to them and their clients over the years, and they are always at our auctions – usually in the capacity of both buyers and sellers. They have an excellent knowledge of the market and the workings of the auction process.”
    Neil Mackilligin, Senior Partner, Allsop
  • “We have worked with the Prideview team for many years and we have always found them a pleasure to deal with. They have many years of experience in the commercial property sector. With their professional and innovative approach to buying and selling property and their knowledge of auctions they have built up a strong following with private investors wishing to enter the market.”
    Richard Auterac, Chairman of Acuitus
  • “I have acquired 1-2 investment properties a year in auction via Prideview in recent times. Being a busy pharmacist I don’t have time to review the catalogues or the confidence to take commercial decisions on areas of uncertainty. Thanks to Prideview’s experience and knowledge of the auction process I have made some great buys, all of which have been financeable within the tight timeframes.”
    R. Shah, Pharmacy owner, Greater London

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