All bar one of the first batch of sites being auctioned by Severn Trent Water as part of its property rationalisation programme were successfully sold – raising £700,000.
Sixteen of the 17 properties on offer in the auction, run by King Sturge, were successfully sold – a result which the company says bodes well for interest in the auctions it has planned over the next 18 months.
“The original expressions of interest we received when we announced our plans translated into a packed auction room and some good bidding,” Ted Pearce, Severn Trent Water’s director of property, said. “It’s encouraging that, even in the current climate, smaller investors have proved willing to place their money in land rather than choosing other investment media.”
Included in the lots on offer was a redundant water tower, a disused reservoir and an old pumping station. “All the sites have been earmarked for disposal as they are no longer regarded as part of the company’s core business activity, and are therefore surplus to requirements,” Mr Pearce said. “As these sites are surplus to requirements, it makes sense to rationalise our property portfolio so we can concentrate our focus on our operational sites.”
Anyone interested in the remaining property portfolio can contact email@example.com