Strettons Raises £11.3 Million at July Property Auction
Our highest total of 2020, selling 90% of the properties on offer.
Strettons has continued its strong auction performance during lockdown at its July sale. The firm raised £11.3 million for its clients with a 90% success rate at its remote auction which took place on Tuesday 14 July.
To date, the firm has raised £25 million during lockdown with an average success rate of 90%.
The highest price of the day was achieved for 39 Darenth Road in Stamford Hill, N16. The vacant freehold vacant house, which was on the market for the first time since the Second World War, sold for £1.36 million against a guide of £1.1 - £1.2 million.
No doubt buoyed by the Chancellor’s changes to stamp duty, other vacant residential properties also performed well with competitive bidding for many lots. In Walthamstow, a freehold vacant house for improvement on Lyne Crescent sold for £450,000 against a guide of £375,000 +, and in Ilford, two freehold properties, one on Betchworth Road and an end of terrace property on Baron Gardens sold for £390,000 and £462,000 respectively, both above guide.
Commercial sales included a freehold mixed commercial and residential investment on High Road, Leytonstone. Currently producing £67,000 per annum, the property sold for £830,000 against a guide price of £700,000 +.
Reflecting the continued demand for industrial space, a freehold industrial premises in Rainham, Essex, sold for £428,000 against a guide of £345,000 +.
As with previous Strettons sales, the auction featured a range of land investments, formerly the locations for advertising billboards, sold on behalf of advertising agency JC Decaux. All nine sites sold, including the unusual location featuring a section of Roman Wall in Colchester. A site at 2-6 Mornington Street in Leicester sold for £380,000, £180,000 above its guide price.
Commenting on the sale, Strettons auctions Director Andrew Brown said: “It is clear that buyers are returning to the market and the cut in Stamp Duty announced by the Chancellor has certainly meant that more investors have decided that now is the right time to buy. The adage of ‘well-priced stock always finds favour’ is certainly holding true at the moment and we have achieved excellent prices for our clients.”
“I am very pleased with the results of the sale and with the hard work and determination shown by the Strettons team in adapting to selling remotely while also delivering for clients new and old.”
Lots are now invited for Strettons next sale which takes place on Wednesday 16 September 2020. Please email Andrew Brown to learn more about selling a property at auction or to arrange a free appraisal.