Nearly 20 tenders were received in this distressed sale, which was held shortly after the Bank of England’s announcement of the 1.5 per cent cut in interest rates to 3 per cent. 
Scott Winnard, partner at Bruton Knowles in Gloucester comments on the level of buyer interest: “The majority of the bidders in this distressed sale were cash buyers, turning strongly to the property market for future rental income and capital growth. We are witnessing a number of companies and individuals with their battle funds now calling the bottom of the market, and this has been proven by the strength of the offers received in a forced sale situation.”

“It is the certainty of a sale in a forced sale situation which motivates many cash buyer investors to bid, as they know that the site has to be sold within a particular timescale. It is a strong motivating factor when buyers know they will be avoiding potential delays and uncertainties faced in other sale situations, for example when properties come onto the market but are then withdrawn when they fail to meet the anticipated guide price.”  
  
And there is no doubt that the significant cut in the base rate will drive investors to seek out more opportunities in property. Scott comments: “Many investors see property as a more reassuring place to put money in compared to other assets and coupled with the recent rate cuts, now is an excellent time to buy.”

He concludes: “Keenly priced, quality properties which benefit from strong locations and amenities and which can demonstrate market appeal are highly saleable, as this recent tender has demonstrated.”
The near-complete mixed-use development scheme close to Gloucester Docks is made up of 31 units (15,100 sq ft) consisting of studio apartments, one bed flats, two bed flats, and two bed cottages, as well as 3 retail units totalling 1,375 sq ft. Tall Ships Court is well placed within the city and is set to benefit from the momentum generated by the multi-million pound investment in Gloucester’s urban regeneration.

Furthermore, the development has strong rental potential and student demand for rented property is particularly high, now that student numbers in the city stand at over 9,200. Average rents for this type of accommodation on offer range from £350 and £650 per calendar month.

For more information, please contact Scott Winnard or Robert Anthony at Bruton Knowles on 01452 880000.