Revenues soar to £17.5m at Andrews and Robertson 5 November auction as buyers chase quality lots with income or added value potential.Fierce bidding on virgin stock in good locations with added value potential and keenly priced investment stock in the South East, pushed Andrews and Robertson’s 5 November auction revenues to £17.5m, the firm’s second highest result in 2012.The event held at The Hotel Russell, WC1, saw 59 out of 83 lots spanning both the residential and secondary commercial sectors achieve prices well above guides in many cases.
Property sold for an average of£296,653. AST yields averaged 6.85%, Assured Tenancy yields 6.4% and Ground Rent yields 2.78%.
Vendors included: The London Borough of Lambeth, Affinity Sutton, Defence Infrastructure Organisation, Mountview Estates plc, Swindon Central Properties Ltd, The Treasury Solicitors, LPA Receivers, Executors, Trustees, Mortgagees and other private and public companies.
The highlight of the sale: Falconwood Court in Blackheath, SE3, a block of 38 tenanted flats with development potential was the largest residential investment to be sold at auction since 2006. Fresh to market after more than four decades in the same family ownership it sold for £5m off a guide price of £4.9m plus, and a yield of 6.8%.
Cripp said: “Investor perception is that money is safe as can be in good residential areas in London. Outside of the capital or in secondary locations it is all about value or investment return. But if the price is right there is demand across the country as our sales in Newcastle, Hull, Oxford, Kent, Northampton and Luton, demonstrate.”
With location a key driver behind buying patterns a Victorian terraced house in Rectory Gardens, Clapham, offered on the instructions of the London Borough of Lambeth was within a residential close largely occupied by squatters for many years and was the first to come to the market. Despite their protests it sold for £500,000.
Other highlights included:
Andrews and Robertson’s final auction of 2012 will be held at The Hotel Russell on 17 December 2012. If you are considering selling then our dedicated auction team would be delighted to help you.
For further information please contact:
Dominic Smith or John Weatherall on 020 7703 4401,
Jeremy Lamb or Robin Cripp on 020 7808 8530
24 High Street,
London SW19 5DX
Tel: +44 (0)20 8971 6780
Fax: +44 (0)20 8946 3683