October Property Auction Results
A recent clock change to GMT seemed to bring in an early crowd to the start of the October sale with a busy room, although still some mixed bidding. Nonetheless, it realised a healthy £8.5m and a 71% success with post-auction sales set to increase this.
The first lot of the day, a predominantly residential conversion scheme in Battersea, offered on behalf of the Royal British Legion, attracted considerable interest and sold for £1,155,000. Other residential lots, including vacant houses in Enfield, Dagenham and Walthamstow were in demand and sold for £381,000, £240,000 and £242,000, respectively - all above guide.
A number of former JCDecaux sites were offered with most selling well including a 2,210 sqft site in Forest Gate E7, guided at £300,000+ which sold for £564,000; another in Swanley fetching £135,000 and another in Bitterne, near Southampton, guided at £90,000-£100,000, and which sold for £188,000.
A block of garages on a 0.2-acre site in Swindon producing £18,000 pa sold for £280,000 - an initial gross yield of 6.43%. This was followed by a garage block in Romford producing £8,541 pa which sold for £161,000 or a 5.5% initial gross yield.
A variety of freehold and long leasehold ground rents were on offer including a 10-storey tower block of 29 units in Plaistow E13, generating just under £2,250 pa which sold for £300,000 against a guide of £270,000+.
We now look forward to our seventh and last sale of 2019 on 12th December for which the catalogue will be online on 22nd November.