Business

Latest Osborne King auction raises more than £7m

Three warehouse buildings - including this one at 171 Ravenhill Road - sold for £325,000 at the Osborne King auction

COMMERCIAL property agent Osborne King’s first auction of the year resulted in more than £7 million worth of sales being signed off, with 84 per cent of the 64 lots on offer going under the hammer.

More than 400 prospective buyers packed the auction room in the Clayton Hotel, attracted by an extensive range of properties that included city centre office buildings, development land opportunities, industrial warehousing and residential property.

Among the highlights were three warehouse buildings on Ravenhill Road and Millar Street which were on the market at £250,000 but fetched £325,000.

A warehouse on a half-acre site on Wildflower Way, off Boucher Road in Belfast, also exceeded its maximum reserve price of £295,000 when it was sold for £337,000.

Prior to auction, two residential land opportunities - Old Mill Grove in Dundonald and Faulkner Road in Bangor - sold in excess of their reserves.

Beyond Belfast, land outside Ballymoney, which was on the market for £50,000, was sold for £82,000 while a property located at Bush outside Dungannon was sold for £132,000, comfortably exceeding its maximum reserve price of £80,000.

Meanwhile, a bungalow near Gortahork in Co Donegal was on the market at £50,000 but sold for £88,000.

Mark Carron, head of Osborne King’s auction team, said: "This was another very successful auction. The room itself was packed and there was intense bidding on many of the lots which made for a great competitive atmosphere.

"We’re very pleased to have sold £7 million worth of property on the day and we’re expecting to sell a few more lots over the next couple of weeks, which will bring our overall sales figure up close to 100 per cent."

He added: "Results like these demonstrate that there is plenty of life in the property market and we’re already planning our next auction which will take place on June 1, with our closing date for entries being April 20."

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