Andrews & Robertson

8th May Post Auction News

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8th May Post Auction News

Written By Michael Atwood | 10 May 2012

London residential investments tick buyers boxes at Andrews and Robertson’s May Auction
The continuing swing to London-based residential investment was clear at Andrews and Robertson's 8 May auction pushing total sums raised at London's Grand Connaught Rooms to £8.3m.
A packed room and competitive bidding saw success rates close at 62% after 46 out 75 residential and secondary commercial lots traded hands at the auction held on 8 May.

 With security at the heart of investor sentiment and concerns about occupancy and the economy widespread, there was a mixed response to properties located beyond the capital and investors proved more cautious about purchasing some commercial and residential stock in Buckinghamshire, Essex, Lancashire, Bedfordshire and Kent.

Vendors included: Grainger plc, the London Borough of Wandsworth and Southwark Council, LPA receivers, executors and trustees, as well as private property companies and private vendors.
The opening four lots of the auction, a mixture of terraced and semi detached homes located in Earlsfied SW18, Camberwell SE5, London Bridge SE1 and East Dulwich SE22, all produced feisty bidding, closing at well above reserves to sell for £290,000,£384,000, £192,000 and £450,000. Across the catalogue prices averaged at £179,000 well within affordability of private buyers.
Robin Cripp, senior auctioneer, said: "We achieved some very strong individual prices for residential properties in and around London as well as others in Cambridgeshire and Surrey. We have had a lot of interest post auction and will reach £10m very soon.
"But we found there was a genuine lack of interest in tertiary commercial stock away from the capital which is not surprising as demand is weaker for vacant commercial stock because of concerns about future occupancy."
However a Grade II listed single floor lock up shop with development potential in Walworth Road, SE 17 fresh to the market and previously owned by the same family for more than 80 years bucked trends achieving £225,000 off a £180,000 guide price, after failing to sell at auction in March with a reserve of £240,000.

Other notable performers included:

Lot 11: 29 Chestnut Road, West Norwood: A substantial double fronted detached house split into 11 self contained studio flats. This property was in the same family ownership for over 20 years and produced £57,240pa, a return that generated good interest prior to auction. Guided at £650,000 plus it sold in the room for £675,000, a gross yield of 8.4%.

Lot 27: Gravel House, Elm Road, March, Cambridgeshire: A good sized detached house on a 6.7 acre plot with rear barn / warehouse outbuildings. It was offered on behalf of the LPA receivers. Guided at £210,000 plus it sold for£317,500.

Lot 32: 305 Walworth Road, Walworth: A vacant shop in a good secondary trading position between Marks and Spencer's and Holland and Barratt, this property was unsold at our March auction when offered with a reserve of £250,000. In May it returned with a guide price of £185,000 plus. There were potential restrictions with the building being Grade II listed and with no rear access.Guided at £185,000 plus it sold for£225,000.

Lot 49: 34c Argyle Square, Kings Cross: An un-modernised studio flat in a good location. Marketed with a Guide Price of £150,000 plus this generated a lot of interest prior to auction and 133 viewings and intense bidding on the day. Guided at£150,000 plus it sold for £272,000.

Lot 36: Weaver House, 19-21 Chapel Road, West Norwood: A substantial freehold office building let as serviced offices with additional income coming from four telecoms masts on the roof. The current rent is in excess of £72,000 per annum and with two floors vacant this lot had significant potential to increase its income stream. Priced to sell and guided at £525,000 plus it sold at the guide, reflecting a 13.7% gross yield.

Andrews and Robertson's next sale will be held at the Grand Connaught Rooms, London WC2, on 20 June.
We look forward to seeing you in the room.

Robin Cripp
Chairman & Senior Auctioneer

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