Lot Details:
- Lot 15: 1 Lords Court, Basildon, Essex, SS13 1SS
- Property Type: Commercial Office Investment
- Description: A vacant, freehold two-storey office building with parking, occupying a prominent position. The property measures approximately 1,623 sq ft.
Link to Lot:
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Background
The property at 1 Lords Court, Basildon, was part of an executor sale. Having been vacant for a significant period, the building had not been generating any income. Maintaining the property had become a drain on the estate’s resources. The executor urgently needed to sell the asset to offload it from the estate while minimising costs and holding time.
Given the circumstances, a quick and efficient sale was essential to avoid further financial strain and clear the property from the estate’s books.
Challenge
The commercial property market was facing a particularly challenging period due to tough economic conditions. With a slowdown in investment and uncertainty in the market, many commercial properties—especially vacant ones—were stagnating. Potential buyers were scarce, and the property market was flooded with unsold inventory.
This created additional pressure for the executor, as finding a buyer willing to pay a competitive price for a vacant office property became more difficult.
Solution
Recognising the need for a quick resolution, Dedman Gray Auctions leveraged its extensive experience in the commercial property sector to create a targeted marketing strategy. By focusing on the right buyers, including investors looking for potential redevelopment opportunities or those seeking properties with intrinsic value despite their vacant status, Dedman Gray was able to generate significant interest.
The auction process was promoted widely, ensuring that the property reached a broad audience. A combination of online marketing, direct outreach, and tailored advertising materials helped increase visibility and attract the right bidders.
Outcome
Despite the difficult market conditions, highly competitive bidding took place on the day of the auction. The property sold for 6.25% over the guide price, demonstrating strong demand despite the challenges faced in the market. This resulted in a positive and swift sale, providing a strong financial outcome for the estate.
Key Learnings
- Targeted Marketing: Identifying the right buyer pool and using tailored marketing efforts can significantly increase interest in even difficult-to-sell properties.
- Auction Advantages: The auction process offers a fast and transparent sale method, with the potential to generate competitive bidding that can drive up the final price.
- Market Adaptation: Despite market challenges, a strategic auction approach can still deliver strong results if executed correctly.
Conclusion
This case study highlights how Dedman Gray Auctions, Essex’s leading property auctioneer, can achieve outstanding results—even for properties that face significant market challenges. The auction process provides sellers with a fast, secure, and transparent route to sale, and can deliver results that exceed expectations.
If you have commercial property that make it unsuitable for traditional sale, contact Dedman Gray Auctions to discuss how we can help you achieve a swift, profitable outcome.