A LEADING Newport auction house which consistently sells more residential properties than any other in Wales saw its commercial offering take off in 2016 and expects more of the same in 2017.

Paul Fosh Auctions remains at the top of the tree in terms of the value of property it sells year-on-year and is adding to this by boosting its number of commercial sales and also online transactions.

Paul Fosh, owner of the business, said: “We have long recognised the interest there is in commercial property sales at our auctions. The interest appears to be growing and this past year has been our most successful yet. I can only see this situation improving still further in the months ahead.

“We are also very pleased with the way our initial online sales have been received from vendors and buyers and we are looking to boost that side of the business further in the new year.

“We have gradually been adding more commercial properties to the catalogue as we have been approached by vendors looking to sell though our auction.

“The last few sales of 2016 were filled with the most commercial properties we have offered for sale at a single auction in our history.

“We have plans to build on this over coming months as there is clearly an appetite in the market for commercial property sales alongside domestic lots. We are now exploring a variety of ways that our auctions can develop and grow to suit an ever changing market and our increasingly discerning customers and to meet their requirements.”

The final auction of 2016, held in December, seems to have shown a way forward for the firm.

Paul said: “The catalogue offered a wealth of very attractive, well guide-priced commercial property and so it was no surprise to us that the lots created a great deal of interest before and during the auction with a number of telephone bidders vying to secure property on the night.”

The sale of just three prime commercial lots at the auction of more than 70 varied lots realised a staggering £0.75m as buyers were red hot for the Newport-based properties.

Kensington Day centre, a former public sector owned building at Oaklands Road, Newport, sold for £300,000, twice its initial reserve, after fierce bidding in the hall and on the phone.

The substantial, single storey freehold property situated in a popular residential area of Newport had originally been listed with a guide of £150,000, which was upped to £190,000 due to keen pre-sale interest.

Set on approximately 4,300 sq ft, the former care centre is on a site which extends to about one acre of fenced and walled grounds with parking and mature gardens in Maindee close to Beechwood Park and the arterial Chepstow Road.

Another significant commercial property sold at the auction was at 106 & 107 Lower Dock Street, Newport.

A tenant of the deceptively spacious period property, close to established commercial occupiers such as Newport City Homes, the Passport Office, Newport Magistrates Court and Asda supermarket, is established dance school Danceland.

Listed with an initial guide price of between £90,000 and £100,000, the period property eventually sold for £135,000. It currently provides a ground floor dance studio with storage to the lower ground floor level let at an annual rental income of £5,244 to Dance World.

Listed on the night with a revised guide price of £125,000 the Lower Dock Street property offering a total of 5,737 sq ft over four floors eventually changed hands after some spirited bidding from the hall and on the phones.

Further commercial buildings up for sale at the auction were single sited Ringwood House and The Helyg Centre at Dents Hill, at Ringland Circle, Newport.

The large, two storey, detached properties located on the edge of the residential Bishpool Estate to the east side of the city offered combined total of 120 individual rooms. Set in a site of circa 1.25 acres the total area of the two properties comes to some 13,820 sq ft.

Ringwood House, the property at the front, had previously been used as a day care centre. The property has 60 individual rooms with offices, reception area and conservatory. Helyg House, which also has 60 rooms, has until recently been used as offices and ancillary accommodation for a local service provider.

The properties are located in an area of established housing and had a combined guide price of £250,000 plus and after another intense bidding war sold for £301,000.

Mr Fosh, who launched Paul Fosh Online auctions in 2016, said the business is considering various ways of using technology and configuring the business to improve the way it operates auctions.

Paul said: “We believe that online is the way forward and offers sellers and buyers a further option along with attended auction or buying over the phone. We’ll be continuing to have our regular traditional sales; the online offering is an addition to what we already provide for sellers and buyers.

“Online property sales allow buyers to bid from the comfort of their home and also for sellers to follow proceedings in real time. We believe online offers real choice for our customers and also gives us a further opportunity to grow.”

The next Paul Fosh sale room auction will be held at the Park Inn Hotel, Circle Way East, Llanedyrn, Cardiff, on Thursday, February 2, starting at 5pm.