The Price Is Right at Andrews and Robertson’s June Auction.Well priced vacant industrial stock, tenanted retail units and residential properties in greater London and the Home Counties ticked buyer’s boxes at Andrews and Robertson’s auction, where revenues peaked at £7.8m on 20 June.The Grand Connaught Rooms sale brought 61 residential and secondary commercial lots to the market and 41 sold, achieving a 68% success rate.
Robin Cripp, auctioneer, said: “Our June sale was one of our smaller events and brought higher volumes of lower value stock than in previous months so we were pleased by the outcome.
“The pricing was fairly low on some properties to reflect risk or the need to upgrade but it shows that almost anything will sell if priced correctly.
“Some vacant industrial lots sold which is quite unusual and bucked the general trend at present. They were low value and more easily self-funded which added to their appeal, especially for private investors looking for rental yields that are well above those achieved by keeping money on deposit.
“Buyers are being choosy and the price of the property must reflect back to them whether they have inherent difficulties, risks, or whether they are in good condition. It all comes down to price and location and risk.”
A number of residential properties in popular catchments including a long leasehold two bedroom garden flat provoked high levels of interest prior:
- Flat 2, 30 Maida Vale, London, W9: a long leasehold two bedroom flat in a renowned catchment area was inspected by more than 40 prospective bidders. Sale price £455,000: Guide Price £385,000 plus.
- 47 Onslow Road, Richmond, Surrey: A long leasehold two bedroom garden floor flat. Guide Price £375,000 plus Sale Price: £390,000
- 27 Melbourne Road, Ilford, Essex: By order of Mountview Estates Plc A freehold four bedroom terraced house viewed by more than 50 people resulting in a sale price of £425,000 against a guide price of £350,000 plus.
- A builder’s yard, office and storeroom in 2 Torr Road, Penge, SE20, in the same ownership for over 14 years stimulated persistent bidding with a keen guide price of £45,000. It made£116,000.
- 113-115-117 Kirkdale, Sydenham, SE26. An LPA Receivership comprising a triple fronted building with retail on the ground floor and all the flats above sold off. The retail units were offered in shell condition requiring a complete refit including new shop fronts. There were other issues with the building in relation to outstanding works which had cost implications. Priced to create interest at £65,000 plus it sold for £180,000.
- 10 Brighton Road, Crawley, RH10. An LPA Receivership sale this freehold investment, a ground floor restaurant with a maisonette above was guided at £170,000 plus and sold for £239,000, an initial yield of 7.7%.
Our 26th July auction will be held at The Hotel Russell, Russell Square, WC1.
We look forward to seeing you in the room.
Chairman & Senior Auctioneer