Andrews & Robertson

24th September Post Auction News

Next Auction - Tuesday 12th December 2017
Start Time - 12:00
 

24th September Post Auction News

Written By Michael Atwood | 26 September 2012

Residential property leads the way at Andrews and Robertson’s September auction.Residential lots with London postcodes, virgin stock, keenly priced small development sites, buildings in need of upgrading and ground rent investments offering long term value, sold strongly at Andrews and Robertson's first sale of the autumn, raising£11.7m.

Regional investors flocked to the Grand Connaught Rooms, WC2, on 24 September, where a keenly priced portfolio of 18 residential and commercial properties offered on behalf of Swindon Central Properties Limited sparked competitive bidding.

On the market after a period of between 33 and 58 years in the same ownership the virgin stock proved popular with local buyers looking to asset sweat their investment, 13 of the 18 properties sold under the hammer and 1 post auction, a 73% success rate raising £1.38m alone.

This included 100% of the residential investments which represented good value for investors looking to invest cash and equity, achieving yields of between 10 and 15%.Success rates on the day closed at 66% after 75 out of 115 residential and secondary commercial properties sold. Post sales pushed figures to £11.97m and 67% within days.

With investors looking for long term security and value, eight reversionary ground rents were greeted with enthusiastic bidding raising a total of £427,000, and average yields of 0.8%, while a further 15 non-reversionary investments sold for a total of £172,500 and an average 3.4% yield.

Robin Cripp, proprietor and senior auctioneer, said: "Investors remain price sensitive and though demand for London residential property is notably strong we were delighted to find that where buyers perceive regional property has been priced to reflect value, then there was strong demand and some very good results.

"With lending on secondary commercial property still at a low and concerns about occupancy while the retail sector remains under pressure investors are also continuing to put security high on their list of requirements.

"Even in the residential sector when properties are located in regions such as Liverpool where the local economy is under pressure, it can prove difficult to engage with buyers unless the risk is reflected in the price."

However the opening two lots of the day got the auction off to a strong start. The fresh to market homes in Villa Road, Brixton, SW9had some potential for redevelopment and scope for refurbishment. Offered on behalf of Lambeth Council and guided at £575,000 plus each, they sparked heated bidding to sell for £725,000 and £705,000 respectively

6 Brunswick Villas, Camberwell, SE5: A large four floor terraced unmodernised house offered with vacant possession and on the market for the first time in more than 50 years, stirred high levels of interest pre-auction. Guided at £450,000 plus, it made £560,000.

Other successes included:

  • Land at the rear of 87 Kingsfield Avenue Harrow HA2: A development site with planning for a detached two floor house. Guided at £90,000 it sold for£160,000.
  • North Lodge, Whitewebbs Park, Enfield, EN2: An interesting Grade II listed lodge house requiring a complete refurbishment and with limited scope for development, situated in a unique location on the perimeter of the park, sparked strong interest prior to auction. Guided at£225,000plus: Sale price £372,000.
  • 38 Sangley Road, Catford, SE6: A freehold building split into a lock-up shop and three self contained flats producing£39,960 per annum. Persistent bidding on the day resulted in a sale price of £312,000 well in excess of the £180,000 plus guide.
  • Site opposite Bourne Hall Park, Ewell Village, Surrey: This freehold former public conveniences site with development potential it sold prior through Andrews and Robertson for £82,500 off a guide price of £58,000 plus, just a few months after it was offered by another auction firm for £65,000.
  • Land at the rear of 129 Mayow Road, Sydenham, SE26: A site of approximately 167 sq.m with development potential made£82,000 off a £45,000 guide.
  • 4 garages at the rear of 104 Shooters Hill Road, Blackheath, SE3: Offered with part vacant possession sold for £58,000 off a £10,000 + guide price.

Andrews and Roberson's next auction will be held at The Hotel Russell, Russell Square, WC1, on 5 November.

Robin Cripp
Chairman and Senior Auctioneer

Buying at auction

To download our Guide to Buying at Auction click the link below

Download Guide

Enter your property

If you would like to include a property in one of our auctions or obtain an auction assessment please call us on:
+44 (0)20 7703 4401

Or send an email