An insolvency practitioner was appointed over the liquidation of a Nottingham based company, with the case requiring the valuation and sale of a number of assets including commercial property and business assets.
Both John Pye Property and John Pye Business Assets departments worked on this case, to ready the property for sale by securing and emptying it of all saleable chattels, as well as waste.
All saleable chattels were sold through auction and the property was to be sold by the estate agency method of sale.
The subject property comprised an industrial unit and yard in Nottingham and was valued at £235,000, with an asking price set at £220,000 through our John Pye Property estate agency method of sale. #
Early interest in the property was strong and a number of early offers were received. The decision to proceed to best and final offer was taken and five offers were received, with offers ranging in value between £220,000 and £240,000. The highest offer received was £282,000, which was accepted.
However, the purchaser later retracted this offer shortly before exchange of contracts was due to take place. As such, John Pye Property advised the client should enter the property into a ‘one off’ online property auction to enable the asset to be sold quickly and with a legally binding contract.
In addition to this, John Pye Property maintained a log of all enquiries for the property, which totalled 42 enquiries.
The property was entered into its own auction five weeks following the estate agency sale falling through. The result from the one-off auction was significantly favourably as the unit was sold for £338,000 with a binding contract and 20 working day completion.
This result reflected an increase in sales proceeds of 54% higher than the guide price and 20% greater than the offer received by way of private treaty.