Blog » Property firm celebrates £7m auction

Property firm celebrates £7m auction

Over £7m worth of property was sold at Osborne King’s latest property auction in Belfast with the company describing it as a “fantastic” result.

64 lots were on offer at the Clayton Hotel on Friday morning. By the end of the day, 82% of all properties were sold. The agency also highlights that many lots went for “significantly higher than their reserve prices”.

One lot that consisted of three warehouse buildings in east Belfast’s Ravenhill Avenue and Millar Street, that covers 17,833 sq ft, sold well above expectations.

It sold for £325,000 with a maximum reserve set at £250,000.

Off Belfast’s Boucher Road is a warehouse site on Wildflower Way that sold for £337,000. This property had a maximum reserve price of £295,000.

Mark Carron of Osborne King highlighted: “All in all, the auction went great. The room was absolutely packed and there was some fierce bidding on many of the lots.”

“The atmosphere was great and there was a bit of competition.

Mr Carron added: “All told, we raised more than £7m and managed to shift 82% of the lots on offer, which was fantastic.

“We’re actually expecting a few more lots to be sold next week, which will bring that number up even more.

“We’re very pleased with how it went, and it just goes to show that there’s plenty of life about the property market yet,” Mr Carron concluded.

Elsewhere, a vast warehouse space that covers almost 30,000 sq ft in Portadown’s Mahon Industrial Estate sold for £454,000. It had a reserve price of £360,000.