Two derelict industrial buildings in New Cross, SE14, offered with planning for 14 apartments and a ground floor shop, sold for £2.1m in the latest Savills auction.
Competitive bidding from professional investors saw the site (lot 100, main picture) sell ahead of its £1.95m guide price. It had previously been offered unsuccessfully at auction in December 2020, with a £2m guide price.
Robin Howeson, director, said several of the higher value lots had appealed to professional investors, helping Savills to a £37m total and a 75% success rate in the 10 November sale. Another example was Hill Court House in Cheltenham, a Grade II listed building with nine flats that has potential development opportunity for houses to the rear of the site (lot 37). It sold for £1.63m from a £1.2m guide.
Owner occupiers were still very active, as has been the case all year for good stock in sought-after locations. A highly desirable three-bedroom flat in a smart central London mansion block sold for £1m. The flat in Earl’s Court, SW5, boasts a garden and had been guided at £950,000 (lot 34).
“What we have seen over the last few months is that sellers have paid close attention to how strongly the market is performing and what’s clear is that sensible pricing remains as important as ever to achieve a sale. This meant that we saw some strong competitive bidding on many of the lots, and in some cases, beyond what we had seen in September and October,” Howeson said.
Savills has now raised more than £310m in 2021 and will hold its final sale of the year on 15 December.
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