Sheffield property developers lose out as old garages sell for £376,000
The plot saw a bidding war which took the eventual total reach more than three times the guide price
Several well-known Sheffield property developers lost out in an auction for dilapidated garages which sold for £376,000.
Some 25 companies and individuals registered to bid for garages on Ranby Road near Endcliffe Park, according to auctioneer Adrian Little.
The plot was described as having seven garages let at £22pm and four abandoned and sold as seen, including a vehicle, in the BTG Eddisons sale.
It has potential for two large, or three smaller, homes worth up to £1.4m, Mr Little added.
Starting at £125,000, bids quickly took off with the first £5,000 higher and the third bid up by £19,000.
The eventual winner posted a first bid at £272,000 and saw off rivals, including one who put in an £18,000 increase towards the end, to win at £376,000.
Some 178 bids were made to take the eventual total to three times the guide price.
Mr Little said it was the most popular lot in the BTG Eddisons May auction.
He added: “Some very experienced property developers were after this site, and some very well known names.
“Any homes built there may not have much garden but they are 100 yards from the park, where someone else cuts the grass.”
The garages came to market after the owner died, he added.