27 May Property Auction Results
Our second live-streamed auction took place on the 27 May and surpassed our inaugural live-streamed sale by some margin – we were pleased to have been able to deliver such positive results for our clients. Overall, the sale raised in excess of £8.33m with a 92% success rate, our best results so far this year.
Here, auctioneer Andrew Brown shares some of his reflections about how auctions are faring during lockdown and how we have transitioned from ballroom to live-stream:
A prominently located mixed retail/residential investment on City Road, EC1, was the star lot of Strettons’ May sale.
Currently producing £232,320 per annum, it sold for £2.75m, £1.3m above guide, following extremely competitive bidding which saw the eventual winning bidder increase bids at £100,000 increments.
The City Road property, which was the first lot in the sale, reached the highest price of the day and set the tone for Strettons’ second remote auction. A freehold vacant property comprising three flats on Amhurst Road in Hackney sold for £1.152m against a guide of £925,000 + and a freehold vacant double shop and upper parts on Hoe Street, Walthamstow sold for £1.261m against a guide of £1m.
The sale also featured a variety of development sites, including a series of billboard sites sold on behalf of JC Decaux which all performed strongly. In Bournemouth and neighbouring Christchurch, a trio of billboard sites all sold for above guide with prices ranging from £135,000 to £165,000.
In Hayling Island, Hampshire, the site of a former electricity substation with development potential sold for £104,000 off a guide of £60,000 - £65,000 and a freehold vacant site with development potential in Shepherd’s Bush sold for £408,000 off a guide price of £280,000 to £300,000.
Commenting on the sale, Strettons auctions Director Andrew Brown said: “The star lot of the sale was undoubtedly Lot 1, the City Road property. With over 100 copies of the legal pack downloaded and 26 bidders registered we thought it was going to do well, but our expectations were surpassed when the hammer finally fell at £1.3 million above the guide price. The bidding was so competitive that it took over an hour to complete the sales of the first three lots!”
“The results show that Strettons have handled the move to remote auctions well and that there is now plenty of demand from buyers who may have bided their time over previous months. From our experience, it seems that many investors now consider this is the right time to add to their portfolios.”
Lots are still invited for our next sale which takes place on Tuesday 14 July 2020 - catalogue closes on 25 June.
- Wednesday, 16th Sep
- Thursday, 29th Oct
- Monday, 14th Dec