Upon the instruction of Capita Real Estate, on behalf of Severn Trent Water, LSH Auctions has been asked to sell five former covered reservoir sites suitable for alternative use. These will be sold using the new LSH online bidding platform with marketing commencing today and the sale closing on 11th February.
LSH Auctions/Capita has partnered with Severn Trent Water for this historic sale.
Guide prices for the sites are all in the region of £20,000 and, subject to planning permission, they would be suitable for conversion to residential use. Their surroundings would make the plots suitable for grand-design style architectural homes.
The lots can be viewed https://onlineauction.lsh.co.uk/search/index
How the online auctions service works:
Website marketing goes live: 21 January
Bidding opens: 12.00 noon 10 February
Bidding closes : From 11.00am 11 February
* Pre-registration will be required in order to bid, together with a hold on funds payable as a deposit on a credit card (typically no more than £5,000 per site).
* If a bid is received within the last two minutes of the sale period, once this two minutes has expired, a new two minute window will appear and immediately after a new bid is received thereafter, the bidding period will be immediately extended by another two minutes - and so on until no more bids are received.
* The site will be sold to the highest bidder at or above the reserve price.
* Completion period is 20 business days
Oliver Childs, national head of auctions for Lambert Smith Hampton, explains: "We are replicating ballroom auctions that are very successful as closely as possible. Offering an online service alongside is about giving clients choice and utilising technology to find the widest market and achieve market prices, whilst still providing the same transparent and competitive service of traditional sales."
Adam Tustain Portfolio Manager from Severn Trent commented, “We are keen to explore all modern tools available for disposal to achieve the best outcome for customers and shareholders.”
LSH believe they are the first traditional commercial auctioneer to hold an online sale for property.
