The opening of John Pye & Sons’ new Park Royal Auction House in West London heralds a new and exciting chapter for the company and its clients, presenting significant Secondary Market recovery opportunities.
The opening also marks the culmination of 20 months of planning and development work. Finding a suitable site for commercial auction operations is never easy – even harder when coupled with Greater London’s property market supply and demand levels.
After 6 months of scouring the capital’s property markets, John Pye & Sons located the Park Royal site in West London through the site was in need of some major renovation works.
Having housed an automotive refurbishment company, surplus spray booths had been left both inside and out but problems can sometimes be opportunities and this proved to be the case, as Pyes held its first auction on the new site; remarketing and selling these assets to the automotive trade to clear the site so contractors could start work.
‘Icing On The Cake’
Improving internal flooring, installing security measures and new electrics as well as constructing offices, registration and payment counters were all undertaken, with painting, decorating and signage install the ‘icing on the cake’.
The facility opened for its first auction before Christmas and has been running weekly vehicle auctions since with retail stock auctions now also earmarked for the site, overseen by Greater London Auction Manager, Noel Mulready and John Pye & Sons Senior Management. Adam Pye, MD, said: “The aim is to replicate similar auction offerings to those at Pyes Auction Hub in the Midlands. This is a new geographical market of more than 8m across Greater London and the South East region.
So far we are greatly encouraged by the first few months of auction sales and how they are being received in London. As the marketing and awareness builds so too will the possibilities”.