Old Town Hall Sheffield: Owner of landmark building faces big financial loss as auction ends

Old Town Hall Sheffield: Owner of landmark building faces big financial loss as auction ends.

Gary Ata, a property developer, faces a £100,000 loss after the Old Town Hall was placed up for auction.

The Grade II listed building between Castle Green and Waingate had a guide price of £500,000 at the Mark Jenkinson auction, which began yesterday and ends today (Wednesday, November 26).

The 24-hour auction rapidly generated a bid of £490,000. Nothing happened until a frenzy of last-minute bids this morning. The final bid was £495,500, approximately £4,500 less than the suggested amount.

 

It was also £104,500 less than the £600,000 Mr Ata paid for the building in 2021. If offers for a property do not exceed the reference price, a sale is usually not completed unless bidding also fails to reach the secret’reserve’ price, which is the lowest price a seller will accept.

In those cases, the item would typically be withdrawn, but the auctioneer may attempt to arrange a subsequent sale with interested bidders for a price closer to the guide or reserve.

The Old Town Hall, which once served as the city’s town hall and law courts, was built in 1808. It has been unused for 30 years.

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When Mr Ata purchased the property, he registered a business called The Court House Apartments (Sheffield) Ltd, indicating a potential purpose.

The Friends of the Old Town Hall argue that no maintenance or repair work was done during his ownership, and that restoring the building might cost up to £30 million. View our photo gallery to view its current condition.

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