Pugh auction raises £12m

Pugh & Co's first auction of the year generated sales of £12m at Old Trafford football ground on 28 February.

The auctioneer sold 100 commercial and residential lots sold on behalf of corporate clients, banks, receivers and asset managers. Sales across Pugh auctions in Liverpool, Leeds and Newcastle generated in excess of £16m.

A number of lots in Manchester were sold on behalf of United Utilities ranging from former filter houses, rural barns and underground reservoirs to former offices on a 2.7 acre site which sold for more than £1.5m.

A parcel of vacant land at Bottomgate and Gate Street in Blackburn sold for £120,000 off a guide price of £35,000.

Two shop investments in Preston New Road, Blackburn, with an annual income of more than £17,000, sold for nearly double the guide price of £110,000 at £200,000.

Paul Thompson, director and auctioneer at Pugh & Co, said: "Our Manchester auction raised a huge level of interest with some extremely competitive bidding and there was a real buzz in the room.

"From the rostrum it was great to see a variety of bidders from first time buyers to seasoned investors. We are continuing to see interest in distressed lots offered on behalf of banks and public bodies and with low interest rates continuing, we are attracting new investors to the auction market.

"We are seeing a growing number of buyers bidding at auctions because they are being continually frustrated by the uncertainties involved with private sales. The auction process offers a simpler and quicker way of buying a property without the usual lengthy purchasing procedures.

"Following this successful auction, we're already seeing some very interesting instructions for our next auctions in April and there will be lots of opportunities for buyers."

The next Manchester auction is due to take place at Manchester United FC at 12 noon on Thursday 25 April.

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