May auction raised over £8.6m
Our sale on the 22nd of May raised over £8.6m from a busy room where there was confident bidding on the majority of lots.
The highest price of the day was £1.6m for a site in Leytonstone E11 with planning for 9 flats and £1.25m for a freehold commercial/residential investment in Wood Green N22 producing £61,300 a year, showing a %5 gross return.
A mixed commercial investment in Carshalton producing £10,650pa sold for £160,000 just over 6.5% return and a commercial investment in Mill Hill NW& let at just under £25,000pa fetched £405,000 (5.5% return) with a commercial unit in Chalfont St. Peter, let at £18,350, selling for £437,000 (4.2% return).
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Several vacant houses sold for more than the guide including our first lot of the day, a 3-bed house in Walthamstow E17, which sold for £461,000 against a guide of £355,000+; a 3-bed house in Leyton E10 which sold for £575,000 again a guide of £475,000+ and a "Warner styled" house in E17, at the same guide, which sold for £500,000.
On the buy-to-let side, a 1-bed freehold flat in E17 let at £10,200pa sold for £165,00, a 6.25% gross return and a short leasehold flat in Dagenham producing £7,800pa sold for £90,000, an initial 8.7% return. Another short leasehold flat in E16 producing £11,100pa sold for £165,000, an initial 6.7%.
Surprisingly, however, BTL properties in E10, E15 and E6 potential for circa 6% initial return failed to reach reserve - more details of these properties and all results can be found here.
