UK auctioneer Andrews & Robertson has raised over £5 million from its latest auction, achieving a 72% success rate.
Held at the Montcalm Hotel, Marble Arch, on July 18, the auction showcased a diverse portfolio of residential and commercial properties with many sought-after lots going under the hammer for well over their guide price.
For example, lot 10, a mixed-use freehold two floor terraced building including a ground floor shop and a self-contained flat in East Dulwich, sold for £505,000 against a guide price of £390.000. It has planning permission granted for a change of use of the shop to provide a two-bedroom self-contained flat.
There was also strong interest in lot 2, a freehold four floor end of terrace house in Streatham, London, which sold for £415,000 despite the opening bid of £350,000 and a guide price of £400,000.
Robin Cripp, senior auctioneer at Andrews & Robertson, commented: “We are seeing continued traction in the market having reached a 72% success rate, as considered buyers react to well-priced lots.”
He said that London properties have become more attractive to bidders and there is an appetite for a variety of lots across the UK.
“The properties that sold attracted a lot of competitive bidding,” Cripp added. “There has also been interest in unsold lots and we hope to conclude further sales over the next few days.”
Other highlights of the sale included:
· Lot 8: a long leasehold raised ground and first floor maisonette located in Battersea, London, with a guide price of £460,000. The property went on to sell for £494,000.
· Lot 3: a leasehold raised ground and first floor self-contained maisonette in Thornton Heath, Surrey. The guide price was £100,000 and it sold for £145,000.
· Lot 6: a leasehold first floor self-contained flat in Brockley, London, with a guide price of £260,000 eventually sold for £287,000.
· Lot 24: two freehold garages with adjoining land and a car parking space in Catford, London, with development potential (subject to planning), had a guide price of £35,000 and sold for £107,000.
Andrews & Robertson’s next auction will be held on Thursday 20 September at the Montcalm Hotel, Marble Arch, London W1H and entries are now invited.