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Pubs attracting auction interest as commercial property market recovers ground; COMM PROP.

The auction market is boosting the local property market, with a major sale in Birmingham achieving an 80 per cent success rate for commercial lots.

Bigwood's recent auction at Villa Park saw investor interest at its highest for 18 months, according to Ian Tudor, a director at the firm. He said Bigwood's were particularly pleased with the results of nine pub sales, with seven sold after reaching or beating their reserve prices and the remaining two looking likely to find buyers in post-auction sales.

Mr Tudor added: "Commercial and industrial property prices are now at a level where investors can see good returns.

We were very pleased with a former church in Sparkhill, which attracted unprecedented interest with over 100 viewings and sold at a figure more than twice the guide price prior to the auction.

"A destination inn set in the Amber Valley area of Derbyshire was one of three pubs sold prior to auction for an undisclosed figure. The Cock Inn at Muggington, Weston Underwood, was popular with walkers, mountain-bikers and Outward Bound enthusiasts and is likely to be refurbished and reopened."

The other pubs were The Cross Keys, Hardwicke, Gloucester (sold prior to auction); The Victoria Hotel, Derby (pounds 164,000); The Blackpool Inn, Burtonon-Trent (sold prior to auction); The Old Vine, Wolverhampton, (pounds 130,000); The CrownInn, Aston, Stone (pounds 150,000);The Old Iron Cot, Bucknall, Stoke (pounds 111,000) and the The Old Vine, Wolverhampton (pounds 130,000) The Wheel Inn, ShireOak, Walsalland The Hop and Barleycorn, Coseley, were unsold but are attracting interest. Mr Tudor continued: "The commercial sector looks poised to move forward. The further fall in interest rates could influence investors with large deposits that there is no benefit in holding cash and the attraction of much better returns from property has never been greater."
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Title Annotation:Features
Publication:The Birmingham Post (England)
Date:Mar 12, 2009
Words:304
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