Highlights of our London Property Auction on 13th July 2016
Success Rate: 90%
Total Raised: £11,974,000
On Thursday prior to the auction John Barnett was instructed on the Freehold of the Luton Mall, 46 George Street, Luton, a large shopping arcade with offices above, located in the heart of the town centre, on behalf of LPA Receivers with a Reserve below £1.25m.
John and his Partner, Steven Grossman, inspected the property the same day.
The auction team were able to produce and distribute the marketing brochure, as a late Lot by the Friday afternoon. There were multiple viewings of the property and prior to the auction over parties had registered for legal documents.
It sold for £2,325,000.
This instruction demonstrates Barnett Ross' expertise and dynamic ability to take on late lots and successfully sell high value properties, when called upon.
Auctioneer John Barnett commented:-
“The Luton sale was very satisfying to have dealt with so promptly and particularly with such a successful outcome.
We offered a mixed selection of lots in this auction and the considerable success was as a result of clients listening to our advice on reserves, and on a number of lots we were already above the reserve after only 2 bids.
I refer to this as the 'Trampoline Effect' as the lower the reserve is, the higher it will make. One such lot being a shop and flat at Collier Row Road let at £13,000 p.a. which had a reserve below £150,000 and sold for £321,000”.