Auction, Tender or private treaty best for development site sale ?

R

rabbit

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Anyone got any opinions on which is best from the sellers point of view ? The property concerned is a smallish development site ( about 5000 sq. ft ) on a street not far from a major town centre. Its been on the market for 10 months now by private treaty ( this method of selling was the auctioneers recomendation ) , with no viewings or real interest / offers. The seller has already been charged - and paid - substantial adverting fees and expenses to the Auctioneer, who insisted on this before the process commenced. The seller got disillusioned with the auctioneer some months ago and requested the auctioneer to take down the advertising boards, as he wants the option to be able to give it to another auctioneer - who cannot do any worse - but the auctioneer has failed to take down the advertising boards or even answer the last few letters. The auctioneer - who shall remain nameless - is a member of a very well known chain of franchises. The seller is considering giving it to another auctioneer to sell by auction or tender, as the cost of holding on to it is many thousands per month in interest payments alone.
Any advice ?
 
rabbit said:
Anyone got any opinions on which is best from the sellers point of view ? The property concerned is a smallish development site ( about 5000 sq. ft ) on a street not far from a major town centre. Its been on the market for 10 months now by private treaty ( this method of selling was the auctioneers recomendation ) , with no viewings or real interest / offers. The seller has already been charged - and paid - substantial adverting fees and expenses to the Auctioneer, who insisted on this before the process commenced. The seller got disillusioned with the auctioneer some months ago and requested the auctioneer to take down the advertising boards, as he wants the option to be able to give it to another auctioneer - who cannot do any worse - but the auctioneer has failed to take down the advertising boards or even answer the last few letters. The auctioneer - who shall remain nameless - is a member of a very well known chain of franchises. The seller is considering giving it to another auctioneer to sell by auction or tender, as the cost of holding on to it is many thousands per month in interest payments alone.
Any advice ?
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Take down the auctioneers boards after sending registered letter to them and checking contract details. Get a few of them around. Put "competitive price" in the english of advertising and probably go tender but be open to negotiation. Relaunch with incentive to auctioneer to achieve a certain levels of price. 1% for X, 2% for y etc

Issue is now that site is known as non seller.
 
the reason there has been no interest is that the boat has deffinately sailed on this. I am very involved in this area and nothing is moving at the moment in development land. Has the site got planning, is it zoned, has it all the services nearby, has it road frontage?
 
kkelliher said:
the reason there has been no interest is that the boat has deffinately sailed on this. I am very involved in this area and nothing is moving at the moment in development land.


Has the site got planning, is it zoned, has it all the services nearby, has it road frontage?
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" at the moment " ? I am stating that there has been no real interest in the last 10 months. Well, no offers + no viewings even. The seller is looking at making a loss compared to the money it cost since purchase almost 3 years ago. Pity it was not put for auction or tender 10 months ago though.....the seller wanted to do this but unfortunately heeded the auctioneers advice to offer it by private treaty. The auctioneer is more interested in swanky holidays abroad etc than selling his clients property or answering letters or emails.

Yes, the site has services in place, is zoned with the best grade of zoning available , has road frontage, and a site across the road has just got planning for a large new multi-storey building.
 
Thanks mo3art, just wondering if anyone had any other opinions, especially after the "slowdown" of the past 8 or 10 months. On the advice of the auctioneer, the propertry was advertised as being for sale by private treaty last Autumn. Methinks its probably a lost opportunity the property was not put for sale by tender then perhaps.

Anyway thanks again to all who replied.
 
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