Under instruction from Fixed Charged Receivers, John Pye Property was instructed to market and sell Manchester’s historic Trafford Park Hotel, just a stone’s throw away from Manchester United’s Old Trafford football ground.
The property formed a substantial former hotel that was in derelict condition, with the property marketed for suitability for a variety of uses; subject to planning and also located in proximity to Manchester’s Media City and the city centre.
The property was marketed with a guide price of £350,000+ and subject to an extensive marketing campaign, as follows:
Trafford Park Hotel received significant interest, culminating in nearly 150 enquiries. The open viewing day was co-ordinated effectively by the John Pye Property team, in a safe and organised manner, with the majority of confirmed viewers were equipped with relevant safety wear.
John Pye Property were subsequently in receipt of a number of pre-auction offers for the subject property; ranging from £250,000 to £670,000. As auctioneers, we have substantial experience in handling pre-auction offers. In some cases it is advisable to accept such pre-auctions offers and in some cases it is not.
It is important to show to LPA Receivers that any such property has been sufficiently exposed to the market place in order to achieve best open market price. In this instance, we advised our clients that the property should proceed to our transparent auction, considering such significant interest received.
This advice was justified as the subsequent online property auction bidding for this Lot lasted for 1 hour 50 minutes past its scheduled end time, with 15 bidders all battling to secure the property engaging in John Pye Auctions 3 minute bidding rule.
This rule applies when, if in the last 3 minutes of bidding, competing bids are being lodged the bidding will extend for ongoing 3 minute increments until there are no more competing bids. The system therefore mirrors a human auctioneer on a rostrum, who would continue to invite and lodge bids based on market demand.
Overall, a huge number of 232 bids were received for the property and the final purchase price for the property achieved was £899,551. The 10% buyer’s Payment was received within 24 hours and the property proceeded to completion within 20 working days.