A two-bedroom flat in Chelsea, SW3, with 61 years left on the lease sold for £855,000 in the latest Auction House London sale.
The vacant, two-floor flat on Beaufort Gardens (pictured) beat its guide by £80,000 in the live-streamed sale on 14 September. It was the highest-priced lot to sell on the day.
Bidding for a three-bedroom house on Chart Street in Hoxton, N1, reached £995,000 from a guide of £900,000-plus but failed to meet the reserve and remains available.
A total of £25.6m was raised from 121 lots sold. With 140 lots offered, this reflects a success rate of 86%. However, around 60 lots were withdrawn prior.
Successes on the day included a three-bedroom house in Watford, Hertfordshire, which sold for £472,000 against a guide price of £300,000. The house sits within a large plot and plans have been submitted to Watford Borough Council for an additional three-bedroom house.
Income-producing sales included two leasehold flats within different houses on the same street – Everton Drive – in Stanmore, north-west London. The first, a two-bedroom flat let on an assured shorthold tenancy, produces £14,400 per annum. With just over 30 years left on a 99-year lease, it sold for £196,000 against a £125,000-plus guide – a gross yield of 7.35%. The second, producing £9,000 per annum and also let on an AST, with the same unexpired term on the lease, sold for £179,000 against an £80,000-plus guide, reflecting a gross yield of 5.03%.
In Gillingham, Kent, a two-bedroom terraced house let on an AST for £9,240 per annum sold for £175,000 against a guide of £90,000. The sale price reflects a yield of 5.28%.
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