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:
Our 26th July auction will be held at The Hotel Russell, Russell Square, WC1.
We look forward to seeing you in the room.
Robin Cripp
Chairman & Senior Auctioneer