Election day success for Strettons
The General Election was not the only notable event happening on Thursday last week. Our December auction put a tick in the box of many an investor with a busy saleroom seeing Strettons raise £11 million, achieving a 77% success rate.
The highest price in the room was for a freehold vacant double fronted period property on the historic Cable Street in Stepney, E1, which sold for £1.54 million off a guide of £925,000 plus.
There was strong demand for well-priced vacant residential lots with modernisation and development potential. The first lot of the day, an end of terrace four-bedroom house, with outbuildings and workshop area and planning permission for two houses (1 x 4 bed and 1 x 3 bed) in Walthamstow, E17, selling for £706,000 off a guide price of £475,000 - £500,000.
In Forest Gate, E7, a freehold vacant house for repair/improvement with planning permission for a loft conversion guided at £400,000 sold for £440,000 whilst in Romford, Essex, a freehold vacant house with development potential also sold for £40,000 above its £400,000 guide price.
On The Broadway in Mill Hill, NW7, a double-fronted building consisting of a former bank premises, two-flats, and ground rents sold on behalf of HSBC raised £825,000.
Commercial sales included two adjoining properties on Romford Road, Manor Park, E12, one a freehold commercial/residential investment and the other a freehold commercial investment, advertising hoarding and vacant maisonette, sold for £588,000 and £528,000 respectively, both over £50,000 above the guide price.
A selection of freehold vacant land sales closed the auction, most notable of which was the site of a former electricity substation in Salisbury, Wiltshire, selling for £162,000.
So, on a day when the nation went to the polls, our December auction ended the year on a high note for Strettons. Throughout 2019 we have raised nearly £63M with an average success rate of 76%.
Our next sale is on Thursday 20 February with the catalogue online on January 31st. If you have a property that you would like to sell at auction, please do contact the Strettons team for advice.
For more information on Auctions or details of unsold lots please contact our auction team on 020 7637 4000.