Highlights of the Barnett Ross Auction on 17th July 2018
Another strong sale for Barnett Ross
Total sales were £9.55 million
Despite the Brexit uncertainty and the so called "death of the high street", Barnett Ross' Auction enjoyed another busy room and saw real appetite for commercial Lots located throughout the UK.
The star lot of the day was Lot 5 - 37 Westow Hill, Crystal Palace, London SE19 1TQ – a substantial Freehold vacant building with development potential, which had been in the same ownership for 40 years, sold for £920,000 with over 40 applicants registering for legal documents.
Another highlight was Lot 2 - 212 Station Road, Edgware Middlesex HA8 7AR – a Freehold Ground Floor Charity Shop let to Norwood Schools Ltd with 2 Self-Contained Flats above, producing £49,460 p.a. with a Reserve below £700,000, sold for £825,000 (gross yield 6%).
Lot 37 - 64/64a Croydon Road, Coney Hall, West Wickham, Kent BR4 9HU – a Freehold mid terrace Ground Floor Shop with a 3 Bed Self-Contained Flat above, all let on 1 Lease producing £22,000 p.a. with a Reserve below £300,000, sold for £374,000 (gross yield 5.9%).
Jonathan Ross commented: "Another great day for the commercial market with demand soaring for fresh stock at sensible reserves. The residential lots however did not fare as well and it is clear that a further price adjustment will be needed in order to encourage more interest in the residential at our next sale."