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Over £8 million raised at Strettons’ July auction

Strettons has announced that it raised £8 million at its national property auction on 16 July.

The highest price in the room was £835,000 for an income producing residential/commercial property in East Street, Barking, showing an initial 6.8% gross yield.

A house in Edmonton N9 – guided at £250,000-plus – also saw strong demand and sold for £323,000. This was followed by a pair of houses in Bromley – one let, one vacant – guided at £460,000-plus and selling for £572,000.

Adding to this, a house and bungalow in Barnet sold for £690,000 and £461,000 respectfully, while a house in NW9 sold for £660,000 off a £500,000-plus guide.

Further afield, a vacant shop and flat in Snettisham, close to Sandringham Estate, sold for £245,000 – 25% above guide. A dilapidated building in Chester, next to the station sold for £98,000 against a £25,000-£30,000 guide.

The sale also featured a series of land investment sites sold on behalf of advertising agency JCDecaux, with many selling far beyond guide. A site in Derby guided at £90,000-£100,000 sold for £158,000 and a site in Middlesbrough guided at £35,000-£40,000 sold for £166,000.

A selection of freehold ground rents closed the day and, as usual, attracted competitive bidding.

“Although the sale room was busy, it is clear that within a continued atmosphere of political uncertainty the market appears to remain cautious, with realistic pricing encouraging the most interest,” Philip Waterfield, auctions director at Strettons, said.

Strettons’ next sale takes place on September 11 with the catalogue online from 21 August 2019.

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