Commercial and residential investments snapped up

The auction’s commercial portfolio was equally successful with a key sale secured for Trillium Property Partnerships, who sold a 0.26 Ha site with a 1,200sq m office building for £325,000 to a Peterhead based property company. Says Shaun Vigers, SVA Property Auctions director and auctioneer: “This was a particularly pleasing result in the current climate as this is a significant amount of vacant office accommodation, in relation to the size of the Peterhead market. It reflects a very welcome degree of considered optimism creeping into the sector.”

Another sound investment was quickly appreciated in the auction room and bidding was competitive for a retail investment in Market Square in Duns, in the Borders. A large shop, currently operating as a pharmacy and provider of photographic services, it is let on a long lease with 18 years remaining at an annual rent of £20,500. The lot was bought for £270,000, considerably above pre-auction expectation.

Says Vigers: “Over the last couple of auctions the properties which have sold have sold very well, for good prices. Despite the general professional gloom in the sector, there is increasingly evidence that the right property, at the right time and for the right price is proving attractive to buyers with independent finance. Indeed, even some of the properties which have been on the market for a while are generating interest. Encouragingly, at this auction, we were also aware of some movement towards buyers having improved access to bank funding.

SVA Property Auction’s next sale is on Wednesday 30th September 2009 at 2pm at the new SVA venue – The Albany Suite, Swallow Hotel, 517 Paisley Road West.

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