The Old Mission Hall, Middle Weald, Calverton, Milton Keynes
Guide price: £20,000
Sold price: £80,000
Despite the name, this property was in effect a brick shed, less than the size of a double garage, in 0.2 acres in a rural setting between two small hamlets near Stony Stratford. The late owner had bequeathed it to a charity and, keen to know the value of their asset, the charity had instructed a firm of surveyors to provide them with a formal ‘Red Book’ valuation. The valuer noted the setting was classified as ‘open countryside’ which ruled out changing it to a house and also, without close neighbours and alongside a road, it would be very difficult to keep it secure should anything of value be stored inside. His valuation figure was £25,000 and sensibly he recommended that were it to be sold, it would be best to sell by auction.
We saw it as an ideal auction lot, knowing the transparency of the process would instil confidence in buyers. Our advice was to step back slightly from the valuation figure and we offered the lot with a guide price of £20,000 and the reserve was set just higher at £22,000.
As expected, huge interest was generated and whilst we advised that our view echoes the surveyor’s in that the building was in open countryside and therefore unlikely to become a house anytime soon. When asked if there was much interest our response was yes, which was borne out by the final sale figure.
Six weeks after we were formally instructed, we put the hammer down at four times the guide price and over three times the formal valuation figure. We sold, with contracts exchanged on the fall of the gavel, at £80,000!
For more information, or to find out if your land or property is suitable for auction, please contact 01234 362899.