Highlights of the Barnett Ross Auction on 13th December 2018
Whilst Brexit chaos causes concern for many, Barnett Ross shrugged off those concerns and held another standing room only Auction, achieving an almost 100% sale.
97% Sold - only 1 Lot remaining
Total sales were £11.66 million
The highlight of the Auction was Lot A – 4–6, 8–12 & 14–19 Ace Parade, Hook Road, Chessington, Surrey KT9 1DR – Constructed in the mid-1930s by the vendor’s grandfather, forming the majority of a well located parade, comprising 14 Shops, 13 Flats and 2 Garages, producing £221,950 per annum, it was the first time this property had been on the market and it was offered with a Reserve below £3,750,000.
The Auctioneer, John Barnett, took 92 bids on the Lot and at one stage he took a £1,000 bid, which some Auctioneers may have decided not to accept. The Lot took 21 minutes and 27 seconds to sell, which beats John’s previous record of 17 minutes and 39 seconds.
Lot A eventually sold for £4,905,000 - over £1.1 million above the Guide - generating a yield of 4.5%.
Other notable Lots include:
Lot 1 – 353/353a Bowes Road, Arnos Grove, London N11 1AA– Located in a popular north London suburb, this mid terraced building comprising a shop (Launderette & Dry Cleaners) with a flat above, all let on one lease producing £20,250 per annum was previously auctioned by John Barnett in November 1982 for £30,000 and he often uses this as a comparable when carrying out 1982 Capital Gains Tax Valuations. This time it sold for £529,000.
Lot 3 – 239 Northolt Road, South Harrow, Middlesex HA2 8HR – This Freehold Shop let to Wenzels (uppers sold off) producing £21,000 per annum was offered with a Reserve below £275,000 and sold for £465,000 (a whopping 70% above the Reserve) generating a yield of 4.5%.
John Barnett commented: "This again proves that within the M25 and in sought after areas such as Harrow, there is still unlimited demand."
The next Barnett Ross Auction will take place on Thursday 28th February 2019.