Cooke & Arkwright
News
February 2006 Auction
02/02/06
Prices soar at WDA land auction
Over £2.5 million was achieved for the Welsh Development Agency by agents Cooke & Arkwright at its property auction on 2nd February at The Village Hotel in Cardiff. More than 250 people attended the auction on the night and there was keen bidding for many of the lots which included areas with future development potential and other assorted land located across South Wales.
Bidding was especially brisk for a disused quarry and land at Miskin totalling just over 10 acres which sold for £470,000 and a neighbouring block of agricultural land comprising just under 10 acres was secured at £430,000, both well above the original guide prices. Other lots included 2.5 acres at Pengawsi, Llantrisant identified for residential development which achieved £620,000, whilst at nearby Beddau, a little under 13 acres of farmland with possible future development prospects made £600,000.
At Caerleon three blocks of agricultural land were sold with 61 acres making a price of £200,000, a neighbouring 9 acres making £42,000, and a further 22 acres bid up to £91,000 before the hammer fell.
Two small lots in Rhondda Cynon Taff attracted particularly spirited bidding. One lot of just over an acre rose from a starting price of £3,000 to eventually sell for £36,000, whilst a parcel of amenity land of less than 0.5 acres fetched £18,000, well over the £2,500 guide price.
Auctioneer Rod Perons commented that the atmosphere had been intense. “Marketing had generated enormous interest prior to the auction and this was borne out in the numbers of interested bidders on the night,” he said. “The majority of buyers were local development companies and other investors. We were delighted with the prices achieved for the WDA.”
Roger Thomas, Chairman of Cooke & Arkwright added, “The house was packed with a mix of bidders coming from right across the South Wales area. The results show that there is plenty of demand and money in the speculative market for the right sort of property.”
All but two lots, which were withdrawn, were sold on the night. The two lots will now be sold by binding tender by Cooke & Arkwright on behalf of the WDA.