The auction process is being handled by Willow Grove-based Bounds Auction and will take place on Jan. 18, 2007.
Omar Bounds, who heads the auction firm and is an appraiser, tells GlobeSt.com, "because of the unique nature of this property, it is going out for bid unappraised. Any appraisal would be a boldface guess. We expect to get $1 million or better."
The unusual aspects include the age of the structure, its location and the additional availability of a Pennsylvania liquor license. The stone and timber building has a class II historic property designation. "The classification prohibits demolition of the structure," Bounds says. "However, it can be renovated, altered and expanded. It's in remarkably good shape," he says, "and zoning on the land is very liberal." The approximately 1.2-acre site can be utilized for retail, office, multifamily or mixed-used development.
"The property's location," Bounds says, "represents the real value, while the structure can contribute historic cachet, and the license would represent added value for a buyer that wants to re-open as a restaurant or tavern. There is no other comparable, undeveloped land in a location like this. It has been off the market only because of complications with the deceased previous owners' estate."
The starting price for bidding on the real estate will be the highest bid placed prior to the Jan. 18 auction, and the highest bid for the liquor license will be the starting point for its sale on that day. "After those bids close, we will combine the two highest bids, add 5%, and re-open bidding for the package," Bounds says.
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