The withdrawal from sale of one of the more unusual and eagerly anticipated south Wales seaside properties in recent years failed to prevent Newport auctioneer Paul Fosh from feeling flush.
A public convenience at Ogmore-by-Sea, with sweeping Bristol Channel views with a guide of £4,000, saw catalogues and legal packs flying out of the Paul Fosh Auctions Newport offices.
However the late withdrawal from sale of the far from bog standard property failed to affect the auction which saw some 82% of listed properties sold amounting to a grand sale total of nearly £3m.
Paul Fosh said: “There was some disappointment at the withdrawal of the Ogmore-by-Sea property but having said that, there were the most attendees I have seen in an auction for perhaps two or three years which shows that there is growing interest in all sorts of property. This could ultimately lead to inflationary pressure resulting in higher sales prices.
“Although the market is improving and prices strengthening there are still bargains to be had but if you want to be in on this you need to get along to the Paul Fosh Auction smartish.”
On the seaside property Paul said: “Interest in the sale of the public convenience at Ogmore- by- Sea, Vale of Glamorgan, was phenomenal, to give some kind of indication I had to send out 120 legal packs prior to the sale. Interest was such that I am confident that the property, in an ideal location with sweeping views over the Bristol Channel, would have sold for many times the guide price listed in the catalogue. Indeed one person said she had been prepared to pay upwards of £100,000 for the dilapidated and redundant toilet block. Sadly it was withdrawn prior to the sale by the vendor, the Vale of Glamorgan District Council.
“However we almost had an embarrassment of public conveniences in that catalogue as there was another for sale at St Athans, by the same vendor, which, with a guide of £8,000, achieved a sale price of £21,000. I understand the buyer of that former public convenience had wanted to buy the one at Ogmore-by-Sea as he was originally from the area!”
Commenting on the market Paul said: “Our auction sales have been rising consistently over recent months with 69% sales in March, 70% in May, 79% June and now a very pleasing 82% in August, with a sales total of some £10m.
“The market is good; it’s improving and strengthening. People are coming back to the market from private individuals, looking for a house, to speculators and developers looking for property and a piece of land with potential, here and there, to buy but at the right price.
“These buyers know what they want and the price they want to pay so what I’m saying to vendors is that if the price is correct then it will sell-silly prices and lofty expectations will not be met by buyers.
“The current economic climate and the problems being experienced globally in stocks and shares are making people re focus on property. Property is a consistent long term safe bet, it always has been and always will be. With interest rates for savers so low and the market seemingly on the turn, property is once again where the savvy individual is looking to invest some of their liquid funds.”
Some of the highlights of the recent Paul Fosh Auction were:
Public Convenience at Higher End, St Athans, Barry. Guide price: £8,000; sale price: £21,000; Unit 4, Castle Way, Severn Bridge Industrial Estate, Portskewett. Guide price: £225,000; sale price £250,000; 14 Albert Crescent, Penarth. Guide price: £300,000; sale price: £330,000; Nantycoed Chalet Park, Aberporth, Cardigan. Guide price: £180,000; sale price £231,000.
The next Paul Fosh Auction is on Thursday, September 15 at The Park Inn Hotel, Circle Way Estate, Llanedeyrn, Cardiff CF23 9XF starting at 5pm