A Bolton property firm has completed a deal which saw an old school hall with £2m of renovations snapped up for £110,000 at auction.

Victoria Hall in Barrow-in-Furness was bought by Kuis Plc at an Allsop property auction in London. Kuis PLC turned the property into office space and within three months it is fully tenanted with a rent roll of £66,000 per year.

The building is a Grade 2 listed school house of 13,500 square feet. Two years ago it was treated to a programme of extensive restoration and refurbishment costing £2m of grant money.

Auction funding experts, Auction Finance Limited based in Manchester supplied the funds for the purchase. Chris Baguley, director at Auction Finance said:

"This was one of the best value commercial property purchases we've ever seen and a perfect example of some of the property gems that are being snapped up at auction. If the funds are in place then people can really take advantage of the current climate.

"We've seen a surge in sales in the auction room during February and March as seasoned investors with funds behind them are returning to the market. Those with cash in the background or a property portfolio that isn't highly geared are finding some great opportunities."

Having made significant savings on the purchase, Kuis Plc was able to undercut the local competition when tenanting the property. Most commercial office space in the area is priced at £8-10 per square foot. Space in Victoria Hall has been made available from only £3.50 per square foot.

Paul Kiely, director of Kuis Plc said:

"Our investment in Victoria Hall has been a fantastic experience. The price at which we secured the property allowed us to take it forwards in a way that has provided outstanding value both for Kuis PLC and for the new tenants. We are delighted to have been able to ensure the future of this important local building and bring it back into use."