Archive for February, 2012

21st February 2012 Post Auction News

Posted by

Strong start to 2012 as Andrews & Robertson raise over ?23.75m at February auction.Investors, traders, and owner occupiers competed for a diverse range of residential and commercial property including vacant houses, tenanted investments, development sites and ground rents setting an encouraging start to 2012 as Andrews and Robertson raised over ?23.75m at its February 21 auction.

Held at London’s Grand Connaught Rooms, WC2, the sale drew competitive bidding from a packed auction room and saw the return of a number of familiar faces as well as new bidders all keen to put their equity into property, add or create value.

Fresh to market local authority properties with potential for refurbishment or redevelopment proved especially popular with buyers. Though there was demand across the price spectrum, larger lots sold particularly well and there was keen interest in lots located within London and beyond.

Eighty four out of 131 lots sold on the day, a 65% success rate. Post sale demand was robust and likely to push revenues and success rates up within days.A portfolio of five properties each with some development potential and offered on behalf of the London Borough of Enfield caused a particular stir resulted in a 100% success rate. Each sold for prices that were well above guides and way ahead of best offers received prior to auction, demonstrating the powerful dynamic that can only be created in the room.

They included:

  • A substantial freehold detached corner property arranged as18 self contained studio flats with development potential subject to consents, located in Edmonton, N9 made ?1,405,000.
  • Two freehold semi-detached houses split into 11 self contained flats and offered with vacant possession in Palmers Green, N13. Guided at ?650,000 plus they sold for ?1,100,000.
  • A 1.5 acre parcel of land in Winchmore Hill, N21, offered without planning consent and a guide price of ?250,000 sold for?710,000.
  • The largest lot of the day: Oakthorpe Court, Palmers Green, N13, a sizeable freehold block arranged as 29 self-contained flats and planning consent for hostel use with a guide price of ?1.5m sold for ?2.75m.
  • A freehold three floor semi-detached house in Edmonton, N9 guided at ?330,000 sold for ?484,000.

A freehold building in Goldsborough Road, SW8, a “standard auction” lot incorporating two flats, one vacant and the other a long lease investment also drew interest from across the globe, culminating in heated bidding from three telephone bidders, including one in New Zealand. The property eventually sold for ?325,000 to a UK buyer, well above its guide of ?195,000.

Proprietor Robin Cripp, A&R’s lead auctioneer, said: “We had a very busy auction with a catalogue that seemed to have something for everyone. An investment in Dover producing a gross income of ?47,640 per annum had an opening bid of ?300,000 but after much competition sold at?476,000.”A freehold block of seven flats in Aylesbury, Buckinghamshire, some vacant, some on AST’s and two sold on a long lease opened with a bid of ?300,000 and sold for?428,000.

“There is definitely a market for correctly priced stock where-ever the location. Buyers both local, national, and overseas, are looking for a secure haven for their equity and those with the knowledge to asset manage properties in regions as well as in the capital see that there is no better place in which to invest their equity at the present time.

“The return on their investment, whether in terms of rental yields or long term capital growth simply cannot be matched by alternative investment vehicles at the present time.”
Yields on residential investments let on ASTs averaged at 9.8%
Ground rents with 80 years+ unexpired yielded an average: 6.9%

Andrews and Robertson’s next auction is held on March 28 at The Grand Connaught Rooms, London WC2.

We look forward to seeing you in the room.

Robin Cripp
Chairman and Senior Auctioneer

Andrews & Robertson’s Opening Sale of 2012

Posted by

Welcome to our February 2012 catalogue. It gives us great pleasure to start the New Year with 145 keenly guided properties.

Continuing global economic uncertainty and fluctuations in bond and equities means 2012 will see growing numbers of equity rich buyers and those with funding already in place looking for a safe haven for their money, and one which can return a yield that is unachievable from deposit accounts.

The key to any successful sale is pricing. In today’s volatile market vendors are looking for considered, no-nonsense, accurate and impartial advice when pricing their stock to sell. With pent-up demand for properties with potential to add-value or quality properties in popular locations we hope you will find something of interest:

14 Lillieshall Road, Clapham, SW4: Freehold Two Floor Two Bedroom House offered on behalf of the London Borough of Lambeth

50b Westover Road, Wandsworth, SW18: Long Leasehold Second Floor Self-Contained Flat offered on behalf of the London Borough of Wandsworth

Silverdale, Forest Lodge, Epsom Road, Ashtead, Surrey, KT21: Substantial Freehold Two Floor Detached Six Bedroom House with a Self-Contained Annexe on a ? acre plot

Westgate House North Street, Bridgwater Somerset TA6: Freehold Office Building of 14,092 sq ft (1,309 sq m) with Potential for Redevelopment (subject to consents)

Northaw Flats, Wych Hill Lane, Woking, Surrey GU22: Substantial Freehold Three Floor Detached Building arranged as Seven Self-Contained Flats producing approximately ?64,800 per annum

23 Church Street, Edmonton: Freehold Double Fronted Three Floor Semi Detached House arranged as Five Self-Contained Flats -Offered on behalf of the London Borough of Enfield

Cornerways, 41 Latymer Road, Edmonton: Substantial Freehold Three Floor Detached Corner Property arranged as 18 Self-Contained Studio Flats Approximate Site Area 0.16 hectares (0.41 acres) -Offered on behalf of the London Borough of Enfield

196-198 Green Lanes, Palmers Green: Two Freehold Three Floor Semi-Detached Houses arranged as 11 Self-Contained Flats – Offered on Behalf of the London Borough of Enfield

Oakthorpe Court, Tile Kiln Lane, Palmers Green: Substantial Freehold Three Floor Block arranged as 29 Self-Contained Flats Approximate Site Area: 0.16 hectares (0.408 acres) – Offered on Behalf of the London Borough of Enfield

Legal packs are available online and can be downloaded at our website: Should you require additional support please contact us on 020 7703 4401 or 0207 808 8530.

We look forward to seeing you at London’s Grand Connaught Rooms on February 21st.

Robin Cripp
Chief Executive & Senior Auctioneer
Andrews & Robertson…where time matters

24 High Street,
Wimbledon Village,
London SW19 5DX

Tel: +44 (0)20 8971 6780
Fax: +44 (0)20 8946 3683