Andrews & Robertson

Andrews & Robertson post record-breaking results with a £21.4m 86% June sale

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Andrews & Robertson post record-breaking results with a £21.4m 86% June sale

Written By Michael Atwood | 11 June 2015

JUNE AUCTION

 

REVIEW

 

 

 

 

 

Andrews & Robertson post record-breaking
results with a £21.4m 86% June sale  

 

 

Sale proceeds from our third auction of the year held this week at The Hotel Russell, London, WC1, were the highest of 2015 with in excess of £21m raised from the 73 lots on offer. This brings the total for Aandrews & Robertson this year to over £52m, and secures our position as a market-leading auction house.

The largest lot sold under the hammer was a substantial freehold four floor semi-detached house, moments away from Holland Park, in Warwick Gardens, Kensington, which sold for £4.26m to a private buyer.

Once again many residential and commercial lots soared above their guide prices. 5 Geraldine Road, a freehold four bedroom terraced house situated in a sought-after residential area close to Wandsworth Common was guided at £950,000 and sold for £1.115m. A freehold five floor terraced building currently arranged as a lock shop and basement with five self-contained flats on Grove Vale, at the junction of Lordship Lane, East Dulwich sold for £1.1m, £150,000 above its guide.

As ever, properties with development potential were popular with the room. One of the most exciting opportunities of this sale was Horsgate House, in Cuckfield, Haywards Heath, a substantial freehold detached four floor converted house dating back to c.1866 with land and outbuildings. The property sold on behalf of Affinity Sutton, to developers and after very competitive bidding for £1.95m, £500,000 over its guide price.

We take pride in helping our clients’ investments perform well at our Auctions and were delighted to see a family’s commercial portfolio enjoy a successful day under the gavel. Their five lots of secondary commercial premises in sought after South London postcodes surpassed the initial combined total guide price of £625,000 by an impressive margin, achieving £1,038,000 and representing a yield of 6.3%.

Speaking after the auction, Andrews & Robertson Chairman and Head of Auctions, Robin Cripp said: “These results are very encouraging and show that the auction market is continuing to thrive. We are seeing strong demand from private as well as corporate buyers, and increasing numbers of buyers in the buy to let market seeking to invest pension funds and take advantage of the great yields available in the sector. With the economy continuing to recover, unemployment falling, mortgage approvals rising and plenty in the budget to help the property market, there are reasons  for continued optimism for the remaining auctions of 2015 and looking ahead into 2016.

Significant sellers at the sale included Affinity Sutton, Chart Property Receiverships and Recovery, London Borough of Enfield, The Hyde Group, London Borough of Lambeth, Mountview Estates Plc,  P & P Surveyors and London Borough of Wandsworth.

 
Highlights of the sale included: 
 

 

 

 

5 Geraldine Road,
Wandsworth, SW18:

Freehold two floor four bedroom
terraced house. 
Full vacant possession.
Guided £950,000, sold for £1.115m

 

69 Warwick Gardens,
Kensington, W14:

Freehold four floor semi-detached house
arranged as four self-contained flats.
Part vacant possession
Guided £3.95m, sold for £4.26m

 

 

 

 

 

 

 

 

Horsgate House, Hanlye Lane,
Haywards Heath, Sussex:

Freehold detached converted house
with outbuildings comprising
29 self-contained flats and one bungalow. 
Investment / Development Opportunity

Guided £1.4m, sold for £1.95m

 

100 Grove Vale,
East Dulwich, SE22:

Freehold five floor terraced building
arranged as a shop and basement with
five self-contained flats.
Investment producing £59,900 per annum

Guided at £950,000, sold for £1.1m 

 

 

 

Andrews & Robertson’s next auction will be held on Monday 20th July 2015 at The Hotel Russell, London WC1B and entries are now invited.

If you are considering selling a residential or commercial property then our dedicated auction team would be delighted to discuss the best strategy for you with no obligation. For further information or for an appraisal of your property’s suitability for auction please contact 020 7703 4401 or email auctions@a-r.co.uk This email address is being protected from spambots. You need JavaScript enabled to view it. . 

 

 

 

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