Cornish bank leads SDL Bigwood sale
A Barclays bank in Cornwall with permission to convert two vacant office floors above into four flats fetched £415,000 at SDL Auctions Bigwood’s February sale.
The property in Camborne had been guided at £395,000. Barclays pays £28,000 in rent pa, equating to a 6.75% yield. The bank has nine years left on its lease and an option to break in 2022.
SDL raised £15m from more than 150 lots, achieving a success rate of 81%.
Other commercial lots included a prefabricated former neighbourhood office in Bromford, Birmingham. It was offered with a guide price of £35,000 and sold for £137,000.
The Toll House, 115 High Street in Smethwick, sold for £215,000 from a guide price of £44,000-£48,000. The Grade II-listed building had been used recently as an art gallery and glassmaking studio.
A former post office with a flat above in Tipton, West Midlands, sold for £74,000 from a guide price of £45,000-plus.
LSH £7m auction unloads 90% of lots
Lambert Smith Hampton raised £7m at its first sale of the year, achieving a 90% success rate.
The 38 lots offered on 19 February included a 40,000 sq ft office and former bio-research laboratory on the Stratton Business Park in Bude, Cornwall. It fetched £830,000 for vendor Homes England, making it the most expensive lot on the day.
The property, guided at £500,000, was purpose-built for a US pharmaceutical firm that went into receivership in 2008.
