Property company set to hold its second auction

Sep 17 2008 by Tony McDonough, Liverpool Daily Post

LIVERPOOL property firm White- gates will hold its second auction tomorrow, with 22 lots on offer.

The venture was launched in the summer by directors Victoria James and Debbie Taylor with the aim of challenging the dominance of the big two in the market – Sutton Kersh and Venmore.

Auctioneer Ian James, Victoria’s partner, will be holding the gavel at the event at Liverpool Marina and Harbourside Club, Coburg Wharf, Sefton Street.

Mr James told the Daily Post: “Cash-rich buyers have returned to buy commercial property now that competition from amateur landlords armed with cheap buy-to-let finance has faded away.

“Professional investors, too, are very much on the increase, with ‘buy the shed’ and ‘buy the pub’, the new buy-to-let for many of these canny, traditional operators that are now moving with the times.

“This has been the trend in the South but appears to have moved north, exemplified by the number of auction houses now here on Merseyside.”

SUTTON Kersh’s latest auction saw more than 60% of the 70 lots on offer sold, generating sales of over £4m.

The auction commenced with 15 minutes of frantic bidding for lot one, a development opportunity located on Chatham Street, within the Georgian Quarter in Liverpool City centre.

The vacant four-storey Georgian terraced house has the potential for four or five bedrooms, and sold for over £55,000 above its guide price of £175,000.

Director James Kersh said: “This was a very positive result. The auction was very well attended and there was a good level of bidding in the room.

“There was a noticeable shift away from the trend of people sitting on their hands and observing the room that has been present over the past couple of auctions; people were in the room to bid and buy.

“Prices have dropped to an affordable level and there are some great deals to be had, and purchasers are taking advantage of this.”

tonymcdonough