A lot comprising an unbroken parade of shops, a flat, offices and sheds in an affluent commuter town in Kent was among sought-after commercial premises snapped up in the latest Savills auction.
The 7,000 sq ft property in Sevenoaks (lot 55A, pictured) was guided at £1.4m, equating to a capital value of £202 per sq ft, and was sold prior to the 5 April live-streamed sale. It produces £66,400 pa with three units vacant.
“Commercial stock accounted for many of our highest-value sales this month,” said Robin Howeson, head of auctions at Savills. “Ahead of the sale we had extremely high interest from commercial buyers in investment and development opportunities, and that translated into bidding activity on the day with lots selling, on average, for 37% higher than their guide price. That sense of competition has gained momentum over the past few months.”
The sale raised a total of £33m, with a success rate of 79%. The average sale price was £425,000.
However, 26 lots were withdrawn from 130 listed, and the three highest-value lots – including two London development opportunities – remain available.
On the residential side, a lack of stock in the agency market has continued to bring buyers to auction.
“Despite supply chain issues and the stretch on skilled labour, people are willing to take on projects, especially where they can add value, and we saw away several such houses in prime residential areas such as Islington and Highgate,” Howeson said.
The highest-value lot to sell was a five-storey residential property with development potential in Islington, N1, which sold for £1.5m (lot 49).
This theme was not limited to the capital. A large fire-damaged detached building, formerly eight studio flats and an office, in a popular area of West Yorkshire (lot 5) attracted more than 100 bids in just two minutes before it eventually sold for £302,000 from a guide of £95,000.
Post-auction sales included a large Grade II listed building in Poplar, E14, currently arranged as five self-contained flats and a two-bedroom house (lot 88). Howeson said it attracted strong interest thanks to its position close to the City and Canary Wharf. Savills’ agents in the region are reporting that, with workers back in their offices, tenants and buyers in these locations are extremely committed to finding a home.
Other highlights of the auction included:
- Lot 49, St Paul’s Road, Islington – sold for £1.5m
- Lot 24, Ardilaun Road, Highbury – sold for £1.445m
- Lot 58, 156 and land adjacent to 150 Acre Lane, Brixton – sold for £1.26m
- Lot 59, High Street, Sutton – sold for £830,000.
Savills has now raised more than £120m in 2022. Its next auction will take place on 10 May.
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