A wide-range of investment stock, coupled with low reserves, stimulated competitive bidding at Barnett Ross’s penultimate sale of 2009.
Buyers snapped up 93% of 52 commercial and residential lots, raising almost £16m at the Radisson SAS Portman Hotel, W1, on 19 October.
Auctioneer Jonathan Ross said: “In many cases we achieved final bids that were 40% above reserves. There was a buzz in the room we have not seen for some time. Most lots had four or five bidders rather than just two, and they were determined not to go home empty-handed.”
It took 158 bids, many at £1,000 increments, before the gavel came down on 2a Blackstock Road, Finsbury Park, N4. It was sold by an LPA receiver for £671,000, almost £200,000 higher than its reserve.
Covenant strength drove bidding on a prime shop on Putney High Street, SW15.
Let to Body Shop and including residential, it produces £75,000 pa. It sold for £1.6m, £250,000 over its reserve.
The largest lot of the day, 88/90 Amwell Street, EC1, comprising eight unmodernised flats arranged over two adjoining Grade II listed buildings and offering residential refurbishment potential, was offered on behalf of Islington council.
It had a reserve price below £1.3m, and sold for £1.7m.
estelle.maxwell@estatesgazette.com
