7th April Property Auction Results
Strettons raised £5.7 million at its April 7 national property auction, with an 84% success rate.
As a result of the ongoing COVID-19 pandemic, the auction took place remotely, Strettons first-ever auction to be solely live-streamed on the internet with online, proxy and telephone bids taking place.
The highest price of the day was achieved for lot 1, a freehold vacant pair of Grade II listed buildings comprising 4 flats on the historic Cable Street in Stepney, E1. The property sold for £1,370,000 against a guide of £1,100,000. On the same street, a similar building comprising two flats was sold for £820,000, £95,000 above the guide price.
204-206 CABLE STREET, STEPNEY, E1 0BL
210 CABLE STREET, STEPNEY, E1 0BL
Other notable sales included a freehold house let on an assured tenancy on St Andrews Road in Hackney, E8, which sold for £810,000 against a £700,000 plus guide price. Its neighbouring property (let on a regulated tenancy) also sold for significantly above the guide price.
As with previous Strettons auctions, the April sale featured a series of land investments sold on behalf of JC Decaux. Located across the UK, the former billboard advertising sites performed well, with many selling. Prices ranged from £16,000 for a site in Nuneaton, Warwickshire, to £140,000 for a site in Bournemouth.
Commenting on the sale, Strettons Director and Auctioneer Andrew Brown said: “Given the unique circumstances in which we all find ourselves, I am proud of how hard the Strettons auction team worked over the past weeks to ensure our auction went ahead. I am pleased with the overall results of the sale which delivered some strong outcomes for our clients. It’s particularly significant that the prices achieved for several properties were higher than those for similar properties sold in our December and February sales.”
Lots are invited for Strettons’ next sale which takes place on 26 May 2020. For an appraisal of your property or to answer any of your questions, please contact our auction team at firstname.lastname@example.org.