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Developers grab Savills lots

Savills-logo-THUMB.jpegSavills achieved a total of £52m at its first auction of 2015.

The auctioneer sold 171 of the 201 lots offered, reflecting a success rate of 86%, at its 17 February auction.

The sale was the second from the major residential auction houses, with Allsop last week raising £47m and posting an 80% success rate.

Developers were among the most active buyers at Savills’ auction.

Notable lots included the Empress Hotel in Blackpool, Lancashire, which sold for £10,000 above the £170,000 guide price to a London-based private developer.

The hotel has consent for conversion into nine flats and a shop.

A consented office-to-residential development opportunity in Fulham, SW6, sold for £1.2m, off a £1m guide price.

The 2,712 sq ft freehold site at Hurlingham Business Park could be converted into a house or up to seven flats.

And a 23.3-acre plot of agricultural land in Colnbrook, Berkshire, with scope for development, was bought by a private buyer for £320,000 – more than three times the £100,000 asking price.

Savills auctioneer Chris Coleman-Smith said that interest from owner-occupiers and buy-to-let investors was also strong at the auction, held at the Marriott Hotel on Grosvenor Square, W1.

“There were a lot of lots selling in the £250,000-£300,000 range. Soon you won’t be able to buy a house in London for £300,000,” he said. “It was one of the busiest rooms we have seen.”

amber.rolt@estatesgazette.com

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