Strettons' first property auction of 2019
On 6th February, Strettons Auctions hosted their first sale of 2019, raising over £7.5m with a 71% success rate and climbing.
The highest price of the day was £900,000, shared by two properties at either end of the country and both £100,000 above guide. In Sutton, Surrey, we sold a freehold vacant former care home and in Liverpool, a large freehold three-storey block of six flats with planning for thirteen.
Other notable sales included a pair of flats in Haringey, N4, which sold for £486,000 against a guide of £385,000, and a pair of flats in Clapton, E5, which sold for £700,000 against a guide of £650,000 plus.
A block of eight apartments in Clacton producing £58,500 per annum sold for £695,000, a gross yield of 8.4%.
A variety of plots and advertising sites offered on behalf of JCDecaux performed well, fetching prices from £16,000 - £157,000, highest price which was for a site in Southampton - part let for a sub-station and guided at £55,000 - £60,000. In Harwich, a plot of land with planning for nine flats sold for £250,000.
The strong appetite for freehold ground rents continued with most selling well, including a long leasehold investment of 28 flats in Gerrards Cross producing £7,000 which sold for £100,000, a 7% initial gross yield.
So, on balance a reasonable sale which reflected the nervousness resulting from the wider economic and political environment combined with the impact of the squeeze on buy to let landlords.
Click the button below to view all the results and check out the available properties tab to see which lots are still available to purchase.
The next auction will take place on 25th March, and the catalogue will be online on 6th March. Please contact us about any available properties or lots you'd like to discuss adding to the March sale.