Bond Wolfe Auctions has launched a major drive to boost its commercial property offering across its auction and agency business with the intention of launching stand-alone commercial auctions from the Spring of 2021.
The decision has been driven by the success of the firm’s current live streamed auctions which has seen 214 lots of residential, commercial and development land registered for the latest auction on Wednesday 16 September.
Bond Wolfe has sold over £55 million of commercial property in the past 18 months – £30 million worth of commercial property sold at auction and £25 million by Bond Wolfe Commercial, the agency division.
Ian Tudor, managing director of Bond Wolfe Auctions, said: “Live streaming auctions has been far more successful than anyone in the industry could have imagined. With over 200 lots in our last two auctions, there is clearly huge demand – and only so many hours in the day!
“Since the launch of Bond Wolfe Auctions in January 2019, we have sold £30 million of commercial and mixed use property and we are the leading commercial auctioneer in the Midlands.”
In 2019, in a league table of 14 auctioneers in the Midlands undertaking commercial auction sales, Bond Wolfe Auctions was Number 1 with a market share of 37%.
Mr Tudor added: “In the league table for 2020 year to date, we are Number 1 with a market share of 42%.
“We are seeing increasing demand from commercial vendors, particularly corporate clients. Our goal is to continue to grow our commercial auction division, and continue to provide an excellent, highly professional and honest service to our clients.
“We want to grow our regular client base and continue to attract lots from outside our immediate region, and establish the Bond Wolfe Auctions name as a leading national commercial auction house with a central base here in Birmingham.”
The intention is to grow the number of lots offered to allow Bond Wolfe Auctions in the future to hold independent commercial auction days separate to the highly successful residential sales.
Already Bond Wolfe Auctions sells property at auction for some of the leading names in the Midlands, including Birmingham City Council, Walsall Council, City of Wolverhampton Council and other public bodies including West Midland Police, The Ministry of Justice, Canal & River Trust and a number of NHS Trusts.
Mr Tudor said: “We also act for corporate and private clients, LPA receivers and as joint agents with large international property advisers and local firms of chartered surveyors, plus church organisations including The Methodist Church.”
He said he believes the growing strength of the commercial division of Bond Wolfe Auctions is due to the quality and experience of the team.
“Bond Wolfe Auctions is the only Midlands auction house with a specialist commercial team dealing with a diverse array of commercial properties, mixed use properties and land with and without planning permission.”
The team is led by Ian Tudor, a qualified chartered surveyor with more than 30 years’ experience, including 18 years in auctions, plus Ron Darlington who has over 40 years’ experience and is known throughout the West Midlands, particularly for his knowledge of the Black Country.
The team is further advised by Colin Totney, a qualified chartered surveyor and chartered town planner, who specialises in providing advice on the disposal of potential development sites, with and without planning permission, and deals with complex planning issues to maximise the price for clients.
Mr Tudor said: “Our success so far in selling over £55 million worth of commercial property through auctions and agency since January 2019 has been set against the uncertainty of Brexit and the Covid-19 pandemic, so we are confident we can build on this as the business world adjusts to the new normal and a relative level of certainty returns to the market.”
Already in its first 20 months, Bond Wolfe Auctions has sold lots including retail, offices, industrial, care homes, medical centres, churches, pubs and restaurants, takeaways and land with and without planning permission.
Mr Tudor added: “In a fast moving, digital economy, live streamed auctions are ideal as they provide quick disposal, require an immediate exchange of contracts, completion usually within 28 days and a transparent and open sale with competitive bidding – in some cases providing a better price than a negotiated sale.”
He said it was particularly the transparency of a public auction and the prices achieved that appealed to institutions such as local authorities and other public bodies who are charged with achieving strong prices in a clear and accountable fashion.
“In uncertain times, Bond Wolfe Auctions provides the opportunity for a quick sale and no uncertainty due to the exchange of contracts on auction day.”
Bond Wolfe Auctions’ switch to online sales events in the wake of the coronavirus pandemic has proved highly successful, with its July auction achieving a 95% success rate that saw 161 out of 170 lots sold, raising over £16.3 million.
Over 2,500 people registering to bid by internet, telephone and proxy, and 33,044 watched the auction live which started at 9am and continued for ten hours.
The auction on Wednesday 16 September starts at the earlier time of 9am and will be livestreamed via Bond Wolfe Auctions’ website with remote bidding by proxy, telephone or internet only.