Proceeds of Crime neglected and fire damaged residential property and motor vehicle asset
Property Overview
- Detached four-bedroom property
- Abandoned for more than a decade and fire damaged
- Semi-rural location within the village of Kings Langley
- Approximately 1.07 acres of land
- Well connected with close proximity to railway station, with links to London Euston in under 30 minutes
- Included assets such as a BMW X5 M Class SUV
Project Summary
Under the Proceeds of Crime Act our Landwood Property Auctions team sold a neglected Hertfordshire property 300% above guide price at £1.2 million.
Within just one hour of bidding the Hertfordshire four-bed home went from an opening bid of £290,000 to £1,201,250 from 400 bids across the globe.
With a wealth of experience in proceeds of crime sales our partner-led and hands-on team used tailored marketing strategies to showcase the immense potential of this heavily neglected property to the right buyers.
As part of the project, we were also instructed to manage the sale of further assets including a BMW X5 M Class SUV which successfully sold for £19,100 via the online Plant and Machinery auction platform.
The Challenge
Valuing properties and other related assets linked to criminal activity presents a complex challenge. The tainted perception of these assets significantly impacts their marketability, often resulting in lower sale prices.
Additionally, potential buyers face difficulties securing mortgages due to the associated risks.
Landwood Group’s Strategy
To maximise the value of this high-profile listing, our expert team started by conducting comprehensive valuations, strategic analysis and thorough investigating all legal aspects. This was important to ensure full transparency for potential buyers.
Our seasoned auctioneers quickly identified the listing’s potential and anticipated buyer perceptions. This guided us in setting a realistic reserve price, attracting potential buyers and surpassing reserve bids.
This worked to achieve the best possible returns through the strategic disposal of the property and its assets.
We leveraged media interest to create a buzz around the auction while managing the narrative to focus on the benefits of recovering funds for the public purse and provide closure for the community.
This instruction also included the sale of a BMW X5 M Class SUV amongst the proceeds of crime assets. We collected the vehicle from the defendant’s partner before transporting it to secure storage. As part of our rigorous processes and management, we ensured an MOT was arranged to identify works to be fixed ahead of the sale.
The Results
Managed 382 bids in just 58 minutes at auction
Sold 300% over guide price
Sold associated Vehicle Asset over guide price
Landwood Insight
James Ashworth, Partner said: “Proceeds of Crime disposals form a large part of our daily operations and we have the ability to deal with a wide range of assets, which in this case include both a property and a motor vehicle. On the property side, opportunities such as these always generate a lot of interest.
“That said, this property exceeded expectations with more than one bid per second – with close to 400 total bids amounting to a sale of nearly £700,000 more than the guide price.
“At Landwood we’re proud to deal with a range of Proceeds of Crime sales and we are always happy to help recover funds for the public purse and help compensate victims of crime.
“We have become experts in this field and our thorough approach ensures we get the highest number of possible bids and the best returns for the Courts to try and ensure the
Fullest amount of the confiscation Order is repaid”
“This sale is testament to the reach of our global auction platform and the technology behind it that keeps pace with the dynamic property market.”
If you would like to speak to James on a similar property or find out how we could help you. Contact us today on:
james.ashworth@landwoodgroup.com
0161 967 0122
