Strettons Raises £11.4 Million at October Sale
£59.4 million raised for our clients since the start of Covid restrictions
Strettons raised £11.4 million at its October sale, selling 86% of the properties offered on the day.
The sale is the firm’s fifth since the start of lockdown and during this period Strettons has raised £59.4 million with an average success rate of 88%.
The highest price of the sale was £801,000 achieved for a freehold residential investment comprising eight flats and six ground rents on Sutherland Avenue in Maida Vale, W9. This was followed by a freehold vacant land site with planning permission for a three bedroom house and two, two bedroom flats on Bakers Avenue, Walthamstow E17, which sold for £601,000.
There has been significant interest and offers for the highest priced property in the catalogue, a £7 million retail and residential investment in Lewisham and an agreement is expected to take place over the coming days.
A sign of the current freeze on stamp duty payments, residential properties performed well, with many selling prior to the auction.
Commercial sales included a freehold shop and upper parts in East Ham, E6. Guided at £300,000 plus, the property sold for £436,000, £136,000 above its guide price. Outside of London, a freehold commercial investment in Telford, TF1, sold for £70,000.
As with previous Strettons auctions, a series of land sites sold on behalf of advertising agency JC Decaux all attracted interest. All but one of the sites sold, with prices ranging from £33,000 to £109,000.
Commenting on the sale, Strettons’ Auction Director Andrew Brown said: “I am pleased with the results we have achieved for our clients and with our overall total. There was healthy interest for the majority of properties which is always a good indicator of market sentiment. Investors recognise when lots are sensibly priced, and these have performed well in our sales and those of other auction houses."
Lots are invited for our next sale which will take place on Tuesday 15 December 2020. The auction will be live streamed with online, telephone and proxy bidding.
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