UK auctioneers Andrews & Robertson raised over £10 million from their first auction of 2018.
Held at The Montcalm Hotel in Marble Arch, London, with a diverse portfolio of residential and commercial properties, the auction saw a 67% success rate from the sale of 68 lots, with an average lot size of £220,551.
One highlight included a two-floor detached building in Lot 6 with development potential – the former Cooling Station in the Addington Hills, Croydon – selling for £280,000 and exceeding its £75,000 guide price.
Lot 10 was the largest property sold under the hammer. The three-floor terraced house in Brook Drive, Kennington (arranged as two self-contained maisonettes) was guided at £850,000 and sold for £860,000.
Other sales included:
· A freehold site of garages and land in Morden Road, South Wimbledon, with outline planning permission for the demolition of the existing garages and the erection of 3 x 3 bedroom two-floor terraced houses. The property sold for £800,000 against a guide price of £750,000.
· A long leasehold third floor self-contained flat in 57D Addison Gardens, West Kensington, with full vacant possession and guided at £345,000 before selling for £350,000.
· A freehold two-floor terraced building – located in William Street, Carshalton, Surrey – arranged as a ground floor shop with a self-contained flat above guided at £140,000 and sold for £158,000.
· A freehold three-floor office building located on Sydenham Road, Sydenham, currently let on a 15-year lease to a dental practice at a rental of £16,000 per annum. The property sold for £305,000 against a guide price of £285,000.
“We are delighted to start our 2018 auction calendar with a catalogue full of attractive investment opportunities which resulted in strong bidding across a number of lots, securing good prices for our vendors,” said Robin Cripp, senior auctioneer at Andrews & Robertson.
“We now look ahead to our online auction on 7th March which will feature commercial and residential assets from across England, Scotland and Northern Ireland,” he added. “With demand for bricks and mortar investments remaining strong, we look forward to offering our vendors the opportunity to benefit from a truly omni channel auction house.”
Meanwhile, some lots sold further afield, including a freehold two-floor end of terrace house offered with full vacant possession on Harpfield Road, Stoke on Trent, Staffordshire – guided at £45,000 and selling under the hammer for £70,000. A freehold parcel of land – located at Bow Hill, Wateringbury, Kent – approximately 6.082 hectares with 450 metres of frontage to the River Medway also sold for £67,500 against a guide price of £40,000.
Andrews & Robertson’s next auction will be held on 19 April 2018 at The Montcalm Hotel, Marble Arch, London and entries are now invited.