Spring auction raises £1.5m

Smith & Sons generated sales of £1.5m at its latest auction, with a success rate of over 70% in finding buyers for the lots on offer.

The sale of residential and commercial properties at the Village Hotel in Bromborough, Wirral, resulted in 21 sales.

Residential lots included four-bedroom homes in Seaforth, Serpentine Road, Wallasey and Kirkland Road, Tranmere, each of which which had guide prices of between £50,000 and £95,000.

Commercial lots included a block of lock-up garages in Oxton, a refurbished office building off Hamilton Square and an MOT Testing Station in New Ferry.

Chris Johnson, auctioneer at Smith & Sons said: "This auction catalogue was fuller than usual showing a renewed confidence in the property market and perhaps, more notably, in the auction process of buying and selling."

Johnson said there was "lively bidding" on residential refurbishment projects with prices being achieved well in excess of the guides.

A portfolio of regulated tenancies throughout Merseyside and Cheshire "sold well", representing an excellent medium term investment with substantial discounts from vacant possession prices.

Other sales included a shop and two flats in Pensby which sold for investment, a block of lock up garages in Oxton providing rental potential, and a house converted to three flats in New Ferry which attracted competitive bidding resulting in a sale price 30% above the guide.

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