Run-down properties drive up auction sales of £2m
10th April 2017
A run-down semi-detached house and a former school building were among the highlights of a 'remarkably busy' auction after both Sheffield properties sold for more than £100,000 over the guide price.
The Mark Jenkinson and Son auction saw sales of £2.3million after lots went under the hammer including the four-bedroom house in need of complete renovation on Bromwich Road, Woodseats, with a guide price of £75,000 which sold for more than twice the price at £181,000.
A former independent school on Handsworth Road, in the established residential area of Handsworth and with the potential for redevelopment, had a guide price of £150,000 but sold for more than £100,000 more at £256,000.
Adrian Little, Head of the Auction Department at Mark Jenkinson and Son, said: "The house in Woodseats was in one of the most run-down conditions I have seen in more than three decades in the auction business including missing floors and holes in the roof.
"But clearly the excellent potential offered, combined with its sought-after location close to Woodseats shops and local amenities, made it very popular.
"The demand for unmodernised houses remains extremely strong and these were just a few of the stand-out results in what was a remarkably busy auction.
"Also attracting a lot of interest was a substantial landmark building in a high profile corner position on South Road, Walkley. It was in a very poor state of repair and requiring complete renovation or redevelopment. But again the potential for development was enormous - it had a guide price of £250,000 but sold for £290,000."
It was the third auction of the year for Mark Jenkinson and Son. All held at The Platinum Suite, Sheffield United Football Club, to date the auctions have seen the firm sell 84 of the 95 available lots for a total of £9.16m.