GLASGOW-based Prime Property Auctions has enjoyed its most successful month to date for commercial sales after concluding deals worth more than £1 million.
A £200,000-plus transaction for a large social club in Renfrew saw the company break the £1 million sales threshold in a 30-day period for first time since being founded three years ago.
Set up by John Morris and Luis Guarin, Prime operates throughout Scotland and the UK. The auction house has listings across commercial, residential, and land.
The firm explained that its business model sets a fee structure of 1.5% (plus VAT) subject to a minimum of £1,500 (plus VAT) being paid to referral partners and it continues to attract new collaborations.
The commercial property side of the business is said to be showing a real upturn. Recent deals include a detached four-storey property in Aberdeen, a vacant office suite in Glasgow city centre, and a portfolio of tenanted retail outlets in Kilmarnock.
Commercial sales have made up around 30% of Prime’s total sales in the past 12 months, compared to 10% the previous year. Director John Morris wants to see that figure closer to 50% in the coming year.
He said, “The majority of those commercial properties have been referred to us by commercial agents, who understand the power of selling at auction and trust us to deliver certainty and strong results. It is easier to sell flats as there are more buyers but commercial real estate is a massive part of the market. The more we grow and become known as the brand which gets properties sold – our completion rate is 97% – so that side of the business will expand, too.”
Co-founder Luis Guarin added, “Property remains a robust investment, with commercial assets attracting increasing interest from committed buyers and sales expected to rise across both the commercial and residential sectors. Residential demand also remains resilient, and investors continue to seek new opportunities. For landlords looking to exit, auction offers a fast, secure route to sale, supported by non-refundable deposits and fully committed purchasers.”
