Auction 'club' début

More than 250 people crammed into Network Auctions’ inaugural sale

The inaugural sale of newly-launched auctioneer Network Auctions, held at Hatfield House, Hertfordshire in September, saw sales of £2.5 million from the 28 lots offered.The packed auction room — attended by more than 250 people — saw lively and competitive bidding for the properties.

“The auction results completely surpassed our expectations,” says Toby Limbrick, director of Network Auctions. “Our vendor clients were extremely happy and our estate agent members who had entered property in the sale on their clients’ behalf were also delighted with the result.”

The sale started with the 150-year-old redundant Gospel Hall in Worthing, Sussex, which went for £150,000, perhaps to become a dental laboratory. Several life-reversion homes were also sold as longer-term investments (the existing tenant enjoys rent-free accommodation until they vacate the property; it then reverts to the purchaser’s ownership).

Other lots included parcels of land, redundant pubs and a light industrial unit, plus properties with and without planning consent.

Lot locations included Brighton; Yeovil; Lincolnshire; Rickmansworth; St Albans; Bletchley, London and Luton.

The most competitive bidding was saved for the last lot of the day — a three-bedroom semi-detached house in need of modernisation, in Greenford, Middlesex. This went for £234,000 — some 38 per cent over guide price.

Network Auctions is a national “club” of estate agents and other property specialists. They use Network Auctions as their partner auctioneer for properties more suited to the sale room than the private treaty market.

“We are gaining new members all the time,” says Mr Limbrick, “and by the end of the year we anticipate having a network approaching 25 local property specialists, which will continue to grow in 2010.”

Network Auctions’ next sale is scheduled to take place at Hatfield House on December 16.