Following the successful sales of two stunning sea island forts constructed to repel French invaders during the 19th Century that have each been auctioned for significantly more than their initial asking prices of £1,000,000 each, NAVA Propertymark President Richard Worrall says that this is more evidence that sale by auction across all types of property is becoming increasingly popular.
Propertymark’s Q1 2024 Auctions Barometer report discovered that 58 per cent of members said that the number of lots available increased in Q1 2024 compared to Q4 2023.
Other figures from the Q1 2024 Auctions Barometer include 94 per cent of members stating that the number of lots achieving their reserve price stayed the same or increased in Q1 2024 in comparison to the previous quarter, while 39 per cent of members said the number of lots exceeding their reserve price increased in Q1 2024 in comparison to the previous quarter.
Richard Worrall, NAVA Propertymark President, said: “Unique properties such as these will always attract good interest. However, we are seeing a broader uptake of all types of property being sold at auction as more clients look for certainty of sale.”
Located off the Isle of Wight, the two island forts are called Spitbank Fort in Hampshire and No Man’s Land Fort off the Isle of Wight.
Although the identity of the buyer has not yet been revealed, No Man’s Fort was sold for £1,120,000, and Savills sold Spitbank Fort for £1,010,000.
During the 1860s, Spitbank Fort was one of three forts built to protect Portsmouth from the French, and it has upper walls made of thick armour plating, with the aim of thwarting high explosive rounds. Inside are nine guest suites, staff accommodation, event spaces, and a private landing stage.
With a main entrance and boat landing stage, No Man’s Fort has a lower level that was turned into an entertaining space. There are hot tubs, a fire pit, a bar, and Nordic bothy on the roof deck. On the lower and upper levels of the fort, there is also the Lord Nelson Pub, The Cabaret Bar Nightclub, and additional entertaining facilities.
Mr Worrall added:
“What these properties demonstrate is that selling at auction continues to grow in popularity, particularly for properties of such an individual nature and also for clients who appreciate the speed and certainty that selling by auction gives them. Propertymark’s latest auctions barometer proves that more than 50 per cent of our members reported that the number of lots they have available has increased since Q4 2023, and I hope this trend continues.
“For support and guidance on valuation and auction, speak to a NAVA Propertymark-certified member who will be appropriately qualified to help you.”
Use this link to discover more about NAVA Propertymark: Auctioneers and valuers | Propertymark.
