Barnett Ross raised £5.64m at its July residential and commercial sale, recording an 84% success rate from the 30 lots that were offered.
Managing director Jonathan Ross said: “What we have seen yet again is the dramatic benefit that a vendor can achieve when fixing a low reserve.
“Lot 16 in Abbots Langley attracted more than 25 registered bidders and achieved almost triple its reserve price after a frenzy of more than 130 bids. The result showed a 3.5% gross yield, which is far stronger than the average yield achieved on a portfolio of Boots investments recently brought to the auction market.”
Highlights from the sale include:
- A pharmacy in Hertfordshire, producing £15,000 pa, with a guide price of £150,000. It sold for £424,000 (3.5% gross yield)
- An ex-Woolworths building in Somerset, producing £30,000 pa, with a guide price of £300,000. It sold for £362,000 (8.3% gross yield).
- A mixed-use development in Kent, comprising four flats let on ASTs and a shop let. It produces £62,600 pa and sold for £453,000.
Barnett Ross’s next auction will be held online on 14 September.
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