Andrews & Robertson

Diverse catalogue helps Andrews & Robertson achieve a strong 83% September sale

Next Auction - Thursday 2nd November 2017
Start Time - 12:00
 

Diverse catalogue helps Andrews & Robertson achieve a strong 83% September sale

Written By Michael Atwood | 24 September 2015

 

 

September Auction
Review

 


Diverse catalogue helps Andrews & Robertson
achieve a strong 83% September sale  

 

UK auctioneers Andrews & Robertson have raised over £14.8m from their fifth auction of 2015 held at The Hotel Russell, London, WC1 this week. A diverse portfolio of residential and commercial property with competitive bidding in the room saw high values achieved for their clients with a strong 83% success rate from the sale of 59 lots, with an average lot size of £250,637.
 
Among them was the largest lot of the auction: Runnymede, Southampton, S030. In the same ownership for over 30 years, this substantial lot comprised five freehold three floor residential blocks arranged as 44 self-contained flats together with 22 single storey garages, and producing £153,720 per annum. The lot’s strong investment potential sparked competition from the opening bid of £2M, finally selling for £2.65M.
 
South East lots attracted strong interest in the room and there was a notable demand for keenly priced secondary commercial properties. A portfolio of retail and mixed use investments in Welling, Bexley, Bexleyheath, Abbey Wood and Sidcup, in the same ownership for over 25 years and producing a total investment income of £144,025 per annum, attracted plenty of interest and sold for a total of £2.1M. 



Other auction highlights included:
 

South Norwood United Reformed Church
Enmore Road,
South Norwood, SE25

A substantial detached freehold church and
church hall with a self-contained flat above.
Guided £700,000, Sold for £935,000

Nurses Home, Royal Seabathing Hospital,
Canterbury Road, Margate, Kent

A freehold four floor detached corner building
with planning permission for conversion to
29 self-contained apartments
Guided £1.1m, Sold for £1.68m

 

Andrews & Robertson Chairman and Principal Auctioneer, Robin Cripp said: “This was a very strong auction and a good note to re-open the market. The atmosphere in the room was bubbling with enthusiasm with interest shown across the spectrum. Good quality income producing stock is still sought after, whether in London or in the regions, with the South East doing particularly well at this auction. As always, the fresh-to-market virgin stock offered with development or regeneration potential proved especially sought after.”
 
Our September catalogue included instructions from vendors including: The London Boroughs of Croydon, Chart Property Receivership, Hyde Housing Association, Major Property Company, Mountview Estates Plc, The United Reform Church (Southern Synod) Trust Ltd, LPA Receivers, and Public and Private vendors
 


    Key Statistics

    Property Location

Average Lot Size

    Within M25

£213,744

    South East

£545,244    

    Yorkshire and The Humber

£45,000

Andrews & Robertson’s next auction will be held on Thursday 5th November 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.

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