Strettons raised £5.7m at its 7 April national property auction, achieving an 84% success rate.
The auction took place remotely due to the Covid-19 pandemic, making it Strettons’ first auction to be solely live streamed on the internet, with online, proxy and telephone bids taking place.
The highest price of the day was achieved for a freehold vacant pair of Grade II listed buildings comprising four flats on the historic Cable Street in Stepney, E1. The property sold for £1.4m against a guide of £1.1m. On the same street, a similar building comprising two flats was sold for £820,000, £95,000 above the guide price.
Other highlights included a freehold house let on an assured tenancy on St Andrews Road in Hackney, E8, which sold for £810,000 against a £700,000-plus guide price. Its neighbouring property (let on a regulated tenancy) also sold for significantly above guide.
The April sale featured a series of land investments sold on behalf of JC Decaux, a regular seller through Strettons and other auctioneers. Located across the UK, the former billboard advertising sites performed well, with many finding buyers. Prices ranged from £16,000 for a site in Nuneaton, Warwickshire, to £140,000 for a site in Bournemouth.
Strettons director and auctioneer Andrew Brown said: “Given the unique circumstances in which we all find ourselves, I am proud of how hard the Strettons auction team worked over the past weeks to ensure our auction went ahead. I am pleased with the overall results of the sale which delivered some strong outcomes for our clients. It is particularly significant that the prices achieved for several properties were higher than those for similar properties sold in our December and February sales.”
Strettons 26 May sale will again take place with remote bidding only.
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