Highlights of our London Property Auction on 28th February 2017
Standing room only at the latest Barnett Ross Auction as we achieved a fantastic 98% success rate, with only 1 Lot unsold.
Total sales were £14,720,000.
The largest lot was Lot 16 - Flat G Heath Park Gardens, 18 Templewood Avenue, London NW3 7XD , one of the finest apartments in Hampstead boasting a 3,360 sq ft floor area, with 5 bedrooms, 3 separate terraces with a combined length of 100ft, 24 hour concierge service, swimming pool, gym and underground car park and it sold for £3,380,000 for Executors.
Another highlight was Lot 2 - 285 High Street, Slough, Berkshire SL1 1BD, a ground floor shop with a self-contained flat above, producing £13,900 per annum, saw competitive bidding in the room and sold for a very strong price of £490,000 off a Reserve Below £160,000, reflecting a yield of 2.8%.
Lot 6 - 371/385 (odd) Ware Road, Hoddesdon, Hertfordshire SG13 7PE consisting of 4 ground floor shops each with flats above, plus a motor workshop and a petrol station and car wash sold for £1,725,000 off a Reserve Below £1,250,000, producing a yield of 6.5%.
A very popular lot was Lot 4 - 124 Brighton Road, Coulsdon, Surrey CR5 2ND comprising a ground floor Dry Cleaners, with a self-contained flat above, producing £23,000 per annum, sold for £475,000 again showing a yield below 5%.
Another interesting lot was Lot 28 - 10a Angel Pavement, Royston, Hertfordshire SG8 9AS – a Leasehold ground floor shop producing £14,500 per annum which failed to sell in another commercial auction last December. The sellers bought the property post sale for £120,000 and it sold today for £150,000.
Auctioneer John Barnett commented –
There is an obvious trend for many investors to focus in on commercial investments which have a lower Stamp Duty and show a generally a higher net return. Our results today and the packed Auction room showed a frenzied appetite for sensibly reserved commercial stock and I hope that our loyal client base will continue to supply us with Lots for our next sale on the 10th May.