If proof was ever needed that selling by auction can produce results, CPBigwood have 2,655,000 reasons why it is a good option for vendors.
That is the record figure the company just achieved when the hammer came down on The Junction in Bilston Lane, Willenhall.
A modern block of 43 one and two-bedroom apartments, with a current income of over £227,000 per annum, the development was purchased by a Dubai consortium.
It is the second major residential scheme sold by CPBigwood, which was recently acquired by Nottingham-based Shepherd Direct, in the past 12 months.
The Old School Court in Bilston went for £2,650,000, a shade under the new record total, earlier in the year.
Gurpreet Bassi, an associate partner with CPBigwood, said: “We have sold two major residential blocks in the last 12 months and both for over £2.6 million.
“This kind of stock has traditionally always been sold in London in the past.
“This is further proof that we can facilitate these types of properties and that we have buyers lined up.”
In 2015, CPBigwood’s auctions raised £77 million, making the firm the ninth largest in the country for residential auction sales and the largest north of London.
The figure from the six auctions held last year was £15 million up on 2014.
It also saw an average 88 per cent success rate – the highest of any auction house in the UK.
These achievements earned CPBigwood a silver medal at the Estate Agency of the Year Awards and bronze in the Negotiator Awards 2015, both for the performance of its auction division.