Allsop’s on the wires

News

01 March 1986

This is not the first time telephone bidding has been seen. Manchester firm Longden & Cook used phones in June 1984 to connect two salerooms, linking the Adelphi Hotel in Liverpool with the Midland in Manchester. Bids were being taken from the Liverpool end.

Other major firms, for example Jones Lang Wootton, use the method occassionally, usually for one specific lot.

Producing £1,100 pa, which is fixed until the reversion in 60 years’ time, the lot fetched £67,000, a yield of only 1.6%. The firm found that the telephone system worked well and they are now considering making it a regular feature.

The most valuable lot to go in the room was 277-289 Holloway Road, London N7, a freehold petrol station and motor showroom with four floors above currently used for educational purposes by the Inner London Education Authority. Income from the property is £92,505 pa, rising to £94,505 pa on March 25, and it realised £1.425m.

The GLC’s two leases expire in 1987 and 1988. Clive Carpenter, Allsop’s auctioneer, said: “Uncertainty as to ILEA’s intentions — exacerbated by the demise of the GLC and education cuts — combined with the expiry of the current planning permission for educational use in 1991, made the property an ideal auction lot, in that the price depended on what view a purchaser would take of the future.”

At the other end of the scale, three ground rents on three shops with maisonettes over at Morden Court Parade, London Road, Morden, Surrey, let at £100 pa each, were knocked down at £600, £550 and £850. At Lavender Hill, Clapham Junction, SW11, four ground rents let at a total of £146 pa with reversions in June were knocked down at between £130,000 and £310,000, which, according to Clive Carpenter, showed yields of around 12% on the expected reversionary rents.

Parades of shops were popular. One with 10 shops and 20 flats at 350-368 Kingston Road, Ewell, Surrey, producing £66,661 pa with an outstanding review on the one unit, was knocked down at £805,000, a yield of roughly 8%.

Total realisation from the sale was £10.17m. Allsop & Co’s next sale is on March 24.

The first lot at Allsop & Co’s sale last week — a ground rent at 174-176 High Street, Lewisham, London SE13, let to Colliers — was knocked down to a telephone bidder from Bristol, an unusual occurrence for the firm. This is not the first time telephone bidding has been seen. Manchester firm Longden & Cook used phones in June 1984 to connect two salerooms, linking the Adelphi Hotel in Liverpool with the Midland in Manchester. Bids were being taken from the Liverpool end. Other major firms, for example Jones Lang Wootton, use the method occassionally, usually for one specific lot. Producing £1,100 pa, which is fixed until the reversion in 60 years’ time, the lot fetched £67,000, a yield of only 1.6%. The firm found that the telephone system worked well and they are now considering making it a regular feature. The most valuable lot to go in the room was 277-289 Holloway Road, London N7, a freehold petrol station and motor showroom with four floors above currently used for educational purposes by the Inner London Education Authority. Income from the property is £92,505 pa, rising to £94,505 pa on March 25, and it realised £1.425m. The GLC’s two leases expire in 1987 and 1988. Clive Carpenter, Allsop’s auctioneer, said: “Uncertainty as to ILEA’s intentions — exacerbated by the demise of the GLC and education cuts — combined with the expiry of the current planning permission for educational use in 1991, made the property an ideal auction lot, in that the price depended on what view a purchaser would take of the future.” At the other end of the scale, three ground rents on three shops with maisonettes over at Morden Court Parade, London Road, Morden, Surrey, let at £100 pa each, were knocked down at £600, £550 and £850. At Lavender Hill, Clapham Junction, SW11, four ground rents let at a total of £146 pa with reversions in June were knocked down at between £130,000 and £310,000, which, according to Clive Carpenter, showed yields of around 12% on the expected reversionary rents. Parades of shops were popular. One with 10 shops and 20 flats at 350-368 Kingston Road, Ewell, Surrey, producing £66,661 pa with an outstanding review on the one unit, was knocked down at £805,000, a yield of roughly 8%. Total realisation from the sale was £10.17m. Allsop & Co’s next sale is on March 24.