Strettons Achieves Best Auction Result Since 2008
£16.5m raised with an 84% success rate at our September property sale
We are pleased to announce that we raised £16.2m at our September sale, selling 84% of the properties offered on the day. This is our firm’s best auction result since March 2008.
The highest price of the sale was £1.15m achieved for a freehold vacant shop, basement and residential investment on Bethnal Green Road, London, E2. Other notable sales include a freehold vacant office and upper parts with development potential in Clapton, E5, which sold for £710,000 against a guide of £450,000 plus, and a freehold vacant shop and flat on Graham Road, Hackney, E8, which sold for £620,000 against a guide of £550,000 plus.
Several residential properties performed well on the day with numerous properties also sold prior. Tenanted leasehold residential investments were in demand, with a first floor flat on Hesketh Road, E7, currently producing £21,120 per annum sold for £215,000 and a two bedroom second floor flat on Vicarage Road, E10, currently producing £10,440 per annum, sold for £212,000.
Commercial sales include a freehold corner property comprising two shops and upper parts in Colchester, CO1, which sold for £600,000, and a part freehold and part leasehold mixed commercial and residential investment on Northborough Road, SW16, which sold for £570,000, £210,000 above its £360,000 plus guide price.
Commenting on the sale, Strettons’ Auction Director Andrew Brown said: “I am delighted that the Strettons team and I have achieved our best results since 2008. There was significant demand for many properties offered on the day and prior to the sale, which is a reflection of market sentiment at the moment, with many investors deeming this is the right time to buy.”
Lots are invited for Strettons next sale which will take place on Thursday 29th October 2020. The auction will be live streamed with online, telephone and proxy bidding. Contact our team for a free appraisal on any property.