Busy room for Spring sale
Despite a busy room at our Spring auction on 25th March results were mixed, suspiciously reflecting the Parliamentary uncertainty around Brexit, which had been scheduled to take place just days after our sale.
There was brisk bidding at the start with Lot 1, a 3-bed house in Chingford E4, offered by order of the Court of Protection, selling for £410,000, 28% above guide and the next lot, a house in Clapton E5 arranged as two flats producing £31,000 a year, selling for £630,000 off a guide of £600,000+ followed by a pair of semi-detached houses in Gillingham, one let, one vacant, selling for £320,000 off a £275,000+ guide.
Some of the vacant residential struggled to reach reserve but a freehold commercial investment with a vacant flat in E17 sold for a third above guide at £434,000. Mixed commercial/residential investments in Edgware and Kenton both sold for well in excess of guide showing initial gross yields of about 5.3%.
The sale featured several lots offered on behalf of JCDecaux, predominantly former advertising sites dotted around the country, which attracted varied interest and most selling well as did the freehold ground rents which have retained their popularity.
There were a couple of “novelty” lots, freehold and leasehold strips of land in Croydon which, percentage-wise, sold for several thousand percent above reserve.
So, in summary, a mixed sale in a market of continued uncertainty but, with the number of lots selling well also demonstrating that there is a degree of positivity which we hope to build on in our next sale on 21st May with the catalogue on-line 1st May.