CPBigwood auctions prove even more popular

A total of 427 successful lots out of 572 under the hammer saw a completion rate of 75 per cent.

And December’s figure of 119 lots, with 70 per cent sold, raised an aggregate £8.5 million.

“It has been a busy year and we are very happy with the outcome,” said Jonathan Hackett, joint head of auctions.

“Our latest auction was packed and bidding was for the most part brisk, with some sales way above guide price.

“It all bodes well for 2012.”

Rory Daly, joint managing director of CPBigwood, the largest auction house outside London, added: “We had a very strong sale and there were approximately 600 people in attendance.

“We were very pleased to have sold so many properties in what is still a very challenging market and difficult economic climate.”

Held in the Holte Suite at Aston Villa Football Club, 80 per cent of lots put up by Birmingham City Council sold while the figure for Sandwell Council was 100 per cent.

One of the outstanding results was Aston Council House in Albert Road, Aston, a substantial and imposing late 19th Century four-storey building previously used as a library and offices.

It had a guide price of £195,000 and sold for a staggering £425,000.

And, at the bottom end, both the opening and closing lots got some amazing interest.

Lot 1, No. 1156 Pershore Road, Stirchley, Birmingham, with a guide price of just £5,000, in massive need of refurbishment, sold for £60,000. The very last lot, 68 Oxford Street, Wednesbury, a property with no reserve on it at all, and which attracted an opening bid of just £1,000, ended up being knocked down for £41,000.

“Both certainly kept the room busy,” noted Mr Hackett.

Other highlights were 60 Holyhead Road, Handsworth, guide price £200,000, sold for £310,000; a former children's day centre at Sampson Road, Sparkbrook, guide £170,000, made £270,000; offices at 86 Main Street, Sparkbrook, guide price £250,000, went for £315,000; and 2 Crown Street, Worcester, guide price £70-80,000 was bought for £96,500.

Meanwhile the Grade II listed Lichfield Chambers at 44 Queen Square in the centre of Wolverhampton, guide price £74-78,000 was sold for £80,000.

Ten of 13 residential investments sold including 100 per cent of the regulated tenancies and 62.5 per cent of the assured hold tenancies.

Ground rents and garages also proved a sell-out.

The next CPBigwood auction takes place on March 1 again at Aston Villa FC, starting 11am.