19 December 2012|
Revenues pass the £100m mark at Andrews and Robertson’s final auction of 2012 under the A&R banner as familiar faces return to the room.Familiar faces returned to the room after a long absence as investor sentiment rose strongly at Andrews and Robertson's final sale as a stand-alone auction firm.The auction raised revenues of£12.5m producing an average lot size of £277,706 and success rates of 70% after 45 out of 65 lots were traded.
Keenly priced secondary commercial stock producing high yields, receiverships and well located residential properties including a number of local authority lots in London provoked competitive bidding resulting in many prices that were above guides.
It was a packed room at The Hotel Russell, London WC1, and buyers vied with overseas and telephone bidders. The auction held on 17th December pushed total receipts for the year to £103m.
Robin Cripp, A & R's chairman, said: "The room was full with a lot of buyers we haven't seen for a very long time returning to the market trying to buy both residential and commercial properties because they perceive it is now reflecting good value for money. It has always been felt that the London auction rooms are a true barometer of the market and judging by the mood yesterday this points to a very interesting 2013.
"This was our last sale as Andrews & Robertson, so after 155 years under this banner it was good to end the era on a high note. We are now building up for our first sale as andrew scott robertson on 19th February. We have already been instructed to offer some interesting and unusual stock."
Auction highlights included the opening lot of the catalogue, a free hold vacant house in Kenilford Road, SW12. Offered on the instructions of the London Borough of Wandsworth with a guide price of £520,000 it sold for £615,000.
Other notable sales included:
1 Rectory Gardens, Clapham, SW4: Offered on behalf of The London Borough of Lambeth this freehold vacant house was offered on behalf of the London Borough of Lambeth. The property was knocked down to a telephone bidder in Singapore for £475,000 off a guide price of£460,000.
12a and 12b Grosvenor Park, Camberwell SE5: A freehold fire damaged vacant house offered on the instructions of the London Borough of Southwark with a guide price of £360,000 sold for£450,000.
North Lodge, Ferney Hill, Enfield: Sold for the London Borough of Enfield making £482,500 off a guide price of£360,000.
62 Willoughby Lane, Tottenham, N15: A freehold house let on 6 AST's and producing £54,896 per annum. Offered on behalf of the LPA Receivers it achieved £455,000 off a guide price of £425,000, reflecting a12% yield.
8 Lansdowne Road, Tottenham, N15:Offererd on behalf of the LPA Receivers this freehold investment comprising seven units including two vacant and producing £48,708 pa, was guided at £535,000 plus and achieved £537,500.
9 Upper High Street, Epsom: A substantial freehold building in a popular location with active asset management potential. Offered on behalf of the LPA receivers this substantial freehold with dentist surgery above included a retail unit on the ground floor previously leased to The Co-Operative Group until December 2011. Offered with a reserved rent of £54,500 and guided at £585,000 plus it sold for£600,000.
594 High Road, Wembley: Offered by Defence Infrastructure Organisation this former Army careers office with two floors above was offered with full vacant possession and sold for £487,500 off a guide price of £280,000.
After 155 years under the Andrews and Robertson banner our top five auction house starts 2013.
We are now accepting instructions for our first sale under the new banner, to be held at The Grand Connaught Rooms, Holborn, WC2, on 19thFebruary. If you are considering selling then our dedicated auction team would be delighted to discuss the best strategy to achieve an optimum result.
Contact details for A&R remain the same and the new look website will be uploaded from January as: www.a-r.co.uk.