A property in Coventry has sold in an online property auction for 56% above its guide price after a bidding war saw the in demand place attract 124 bids!
Storham House in Stoke Green, Coventry was listed by Network Auctions for sale online on the 5th November. The attractive period building, arranged as 6 x 1 bedroom flats over three floors, had a guide price of £370-380,000. But the final hammer price of £576,000 surpassed even the auctioneer’s expectations.
Toby Limbrick, auctioneer, said, ‘We knew Storham House was a great opportunity for both investment and future development, but when the government announced another lockdown starting the same day as our auction, we were unsure how the market would react. The resulting hammer price – £201,000 above the reserve – proves buyers have an appetite for property with potential.’
Storham House is located in a sought after location and set back from a pleasant tree-lined road facing Stoke Green open space. It sits on a large site of 0.18 acres and benefits from a car park area to the rear.
Limbrick said, ‘Freehold opportunities like this are rare and we are delighted by the price achieved. Our online property auctions in the lockdown show the strength of this mode of selling property in the pandemic.’
Network Auctions next online property auction is 10th December. For more information www.networkauctions.co.uk
