Archive for September, 2012

24th September Post Auction News

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Residential property leads the way at Andrews and Robertson?s September auction.Residential lots with London postcodes, virgin stock, keenly priced small development sites, buildings in need of upgrading and ground rent investments offering long term value, sold strongly at Andrews and Robertson’s first sale of the autumn, raising?11.7m.

Regional investors flocked to the Grand Connaught Rooms, WC2, on 24 September, where a keenly priced portfolio of 18 residential and commercial properties offered on behalf of Swindon Central Properties Limited sparked competitive bidding.

On the market after a period of between 33 and 58 years in the same ownership the virgin stock proved popular with local buyers looking to asset sweat their investment, 13 of the 18 properties sold under the hammer and 1 post auction, a 73% success rate raising ?1.38m alone.

This included 100% of the residential investments which represented good value for investors looking to invest cash and equity, achieving yields of between 10 and 15%.Success rates on the day closed at 66% after 75 out of 115 residential and secondary commercial properties sold. Post sales pushed figures to ?11.97m and 67% within days.

With investors looking for long term security and value, eight reversionary ground rents were greeted with enthusiastic bidding raising a total of ?427,000, and average yields of 0.8%, while a further 15 non-reversionary investments sold for a total of ?172,500 and an average 3.4% yield.

Robin Cripp, proprietor and senior auctioneer, said: “Investors remain price sensitive and though demand for London residential property is notably strong we were delighted to find that where buyers perceive regional property has been priced to reflect value, then there was strong demand and some very good results.

“With lending on secondary commercial property still at a low and concerns about occupancy while the retail sector remains under pressure investors are also continuing to put security high on their list of requirements.

“Even in the residential sector when properties are located in regions such as Liverpool where the local economy is under pressure, it can prove difficult to engage with buyers unless the risk is reflected in the price.”

However the opening two lots of the day got the auction off to a strong start. The fresh to market homes in Villa Road, Brixton, SW9had some potential for redevelopment and scope for refurbishment. Offered on behalf of Lambeth Council and guided at ?575,000 plus each, they sparked heated bidding to sell for ?725,000 and ?705,000 respectively

6 Brunswick Villas, Camberwell, SE5: A large four floor terraced unmodernised house offered with vacant possession and on the market for the first time in more than 50 years, stirred high levels of interest pre-auction. Guided at ?450,000 plus, it made ?560,000.

Other successes included:

  • Land at the rear of 87 Kingsfield Avenue Harrow HA2: A development site with planning for a detached two floor house. Guided at ?90,000 it sold for?160,000.
  • North Lodge, Whitewebbs Park, Enfield, EN2: An interesting Grade II listed lodge house requiring a complete refurbishment and with limited scope for development, situated in a unique location on the perimeter of the park, sparked strong interest prior to auction. Guided at?225,000plus: Sale price ?372,000.
  • 38 Sangley Road, Catford, SE6: A freehold building split into a lock-up shop and three self contained flats producing?39,960 per annum. Persistent bidding on the day resulted in a sale price of ?312,000 well in excess of the ?180,000 plus guide.
  • Site opposite Bourne Hall Park, Ewell Village, Surrey: This freehold former public conveniences site with development potential it sold prior through Andrews and Robertson for ?82,500 off a guide price of ?58,000 plus, just a few months after it was offered by another auction firm for ?65,000.
  • Land at the rear of 129 Mayow Road, Sydenham, SE26: A site of approximately 167 sq.m with development potential made?82,000 off a ?45,000 guide.
  • 4 garages at the rear of 104 Shooters Hill Road, Blackheath, SE3: Offered with part vacant possession sold for ?58,000 off a ?10,000 + guide price.

Andrews and Roberson’s next auction will be held at The Hotel Russell, Russell Square, WC1, on 5 November.

Robin Cripp
Chairman and Senior Auctioneer

New Group Company

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Andrews & Robertson’s Sixth Sale of 2012

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Welcome to Andrews and Robertson?s September catalogue bringing 128 residential and commercial properties to the market on behalf of LPA Receivers, Trustees, Executors, Local Authorities, Private Vendors and Property Companies.

During the thrills and excitement of the Olympics and Team GB’s wonderful summer of achievement our auction team have been working hard to bring a wide range of vacant and tenanted lots in locations including London and the regions to The Grand Connaught Rooms on 24 September.

Following the exhilaration of the London Olympics which proved a wonderful success, great praise must be given to all the athletes who took part and made us all so proud of Team GB.

But now we must focus again on business. In the first half of 2012 demand for residential properties remained high, and outstripped those of the commercial sector. Properties located in London and the M25 were especially popular.

However for correctly priced stock including secondary commercial investments in locations buyers know well, we are seeing yields of around 7% and witnessing a robust appetite for asset management opportunities.

Vendors have become increasingly realistic when pricing their property for sale in line with concerns about the economy and tenant demand. This now presents buyers with great opportunities to acquire property with in-built value.

Demand for virgin stock offering opportunity to enhance value by development or refurbishment remains at a peak. So we are delighted to be offering a portfolio of 19 properties in Swindon on behalf of Swindon Central Properties Ltd, a firm established in 1899.

Swindon is located midway between Bristol and Reading and just 81 miles west of London. Major employers include Honda, BMW/Mini, Motorola, Dolby Labs and WH Smith distribution centre and HQ. It is also a centre for the financial services and pharmaceutical industries including Nationwide Building Society and Zurich Financial Services, Canada’s Patheon and USA based Catalent Pharma Solutions and French firm Vygon.

The portfolio has been broken up into 18 lots and includes a mixture of commercial and residential properties. It also includes four shops with residential upper parts and a car park in the town itself with 10 parking spaces. The portfolio produces a total income producing?166,176 per annum with vacant possession of one flat and three shops.

We would also draw your attention to the following lots:

  • Lots 1 and 2 – 25& 39 Villa Road, Brixton, SW9: Two freehold five floor vacant houses being sold separately on behalf of The London Borough of Lambeth. Both properties are split into two self contained maisonettes and are offered with vacant possession. Each offered with a Guide Price of ?575,000 +
  • Lot 26 -1b Albert Court, Prince Consort Road, Knightsbridge SW7: This long leasehold 80 sq metre two bedroom flat is let at ?19,000 per annum with a rent review in 2014 and a valuable reversion in 12 years. It is located in a prestigious portered mansion block that is adjacent to the Royal Albert Hall and opposite the Royal College of Music. Guide price: ?550,000 – ?600,000
  • Lot 46 – Forest House, 26 Westgate Bay Avenue, Westgate on Sea, Kent, CT8: A substantial “Arts and Crafts” freehold detached house arranged as three self contained flats. This part vacant residential investment offers huge development potential and is offered by order of the LPA receivers. Guide Price: ?280,000 +
  • Lot 49 – 90 De Beauvoir Road, Islington, N1: Leasehold Four Floor Office / Studio Building with Forecourt Parking – Part Vacant Investment producing?167,700 per annum with vacant possession of Four Studio Units -Offered by order of the LPA Receivers. Guide Price: ?485,000 +
  • Lot 65 – North Lodge, Whitewebbs Road, Enfield EN2: Freehold Detached Grade II Listed Lodge House -Offered by order of The London Borough of Enfield. Guide Price:?225,000 +

We look forward to seeing you in the room.

Robin Cripp
Chief Executive& Senior Auctioneer

Central Swindon Investment Opportunity

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Central Swindon Investment Opportunity – First time on the market for more than 33 years to be included in our next auction

Comprising a Mixed Portfolio of 19 Investment Properties available as 18 Separate lots

Total Rent Reserved ?162,076 per annum with four units vacant

24 High Street,
Wimbledon Village,
London SW19 5DX

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