At Property Investor Today, we regularly like to keep our readers updated with the latest auction goings-on. Here is our latest roundup…
Phillip Arnold Auctions
Property auction house, Phillip Arnold Auctions, has been formally approved by the Expert Witness Institute (EWI) to handle complex property dispute cases.
The recognition follows a number of intricate property disputes that the EWI assessed in order to grant formal recognition.
This adds to what PA Auctions aims to be a continued commitment to offer corporate and individual clients a ‘seamless professional property service’ for a range of complex situations such as probate, divorce, insolvency or repossession.
With this, the auction house has expertise to prepare reports for court and representation in court to help resolve property disputes.
The EWI champions experts from all professional disciplines and the lawyers who use their services. Its goal is to support the proper administration of justice and handle disputes early through high-quality expert evidence from specialists who have met technical, legal and quality standards and are subject to a Code of Professional Conduct and Practice.
“We’re delighted to be formally recognised by the EWI and offer an accredited service to our clients,” Phillip Arnold, managing partner at PA Auctions, commented.
“We can be an extra pair of professional hands when dealing with complex property situations and are able to present reports to court both in writing and in person.”
He concluded: “Our highly skilled team believe in providing an efficient, seamless service for the valuation, marketing and sale of property in dispute or probate, and this recognition shows the professionalism in which we operate.”
Allsop’s next May residential auction will feature 342 lots going under the hammer.
The catalogue, which has now been released, is the largest Allsop residential auction catalogue since the EU referendum in June 2016, comprising 19 lots guided at £1 million-plus, with almost one fifth of the total number of investments located in Greater London.
The highest value lot in the catalogue is lot 58 in Crouch End, north London. Comprising 16 flats subject to an assured shorthold tenancy and six commercial units, the freehold detached block generates an income of £307,052 per annum. The investment is guided at £6.5 million with a gross initial yield of 4.72%.
Also located in north London, lot 33 is a striking brick residential property in Hampstead – available to purchase for the first time in approximately 20 years. Comprising 11 flats with a total floor space of 8,501 sq ft, the property is guided at £4.5 million.
Situated in the Royal Borough of Windsor & Maidenhead, lot 65 is made up of four self-contained flats with a ground floor retail unit, along with planning permission to create a new four-storey building. The property has a guide price of £700,000-plus.
In Kent, lot 29 is a freehold terrace house with two reception rooms, three bedrooms, kitchen, bathroom and rear garden. The house is subject to an assured shorthold tenancy with a current rent reserve of £9,600 per annum. The property spans over 900 sq ft and is guided at £225,000-plus.
In the north of the country, lot 79, a 1.7-acre site in Warrington, Cheshire, offers redevelopment potential. The site had previously been granted outline planning permission for 22 residential dwellings before lapsing. The land, which is currently empty, is guided at £750,000-plus.
Richard Adamson, partner and auctioneer at Allsop, said: “The depth of this catalogue demonstrates that, after years of political uncertainty following the vote to leave the European Union, property investors are taking a positive approach to selling and are no longer waiting for a conclusion to the Withdrawal Agreement.”
“May’s residential auction will offer a very strong selection of properties across the country; ranging from investment and development opportunities to vacant freehold houses and apartments. Assets that offer significant opportunity for redevelopment continue to generate interest and are likely to be sought-after on auction day.”
Allsop’s auction catalogues can now be better accessed on an enhanced Allsop website or newly-launched app. The improved site also provides registered customers with regular updates and enables investors to print their own catalogue, selecting assets of their choice.
The auction will take place on May 30 at the InterContinental London Park Lane W17 7QY.
Auction House saw fierce bidding at its London salesroom on 9 May, achieving a success rate of 79% and raising almost £12.5 million.
Bidding for the redundant library in Maple Road, Penge, started at £585,000, with the hammer coming down at £652,000. The property has planning permission to convert the first and second floors into flats with the ground floor remaining for educational purposes.
Andrew Binstock, director and auctioneer at Auction House London, commented: “Among auction buyers the chat over Brexit has subsided and the flavour of the room is ‘business as usual’, with well-priced properties attracting the most ardent attention.”
In Barking, a four-bedroom mid terrace house in Faircross Avenue went under the hammer at £250,000. The property – over three floors and with a rear garden – sold at more than £100,000 higher than its guide price – eventually being purchased for £352,000.
Another highlight of the day was a development plot in Radlett, Hertfordshire. Currently, the site in Watling Street has two garages but this lot came with planning permission for a large detached home. The lot started with a guide price of £375,000 and sold for £458,000.
The next sale for Auction House London will take place on Thursday 20 June 2019 at the London Marriott Regents Park, 128 King Henry’s Road, NW3 3ST at 12pm.