A freehold terrace of 11 three-storey houses in London, E1, sold for £7.5m at Allsop’s residential sale yesterday (13 September).
The unbroken terrace was guided at £7m-£7.25m, making it the most expensive lot in the catalogue. The sale price reflects a 3.6% yield based on income from eight of the houses, while three are vacant.
Each house has four bedrooms and Allsop said there is scope to rearrange rooms internally to enhance lettings to sharers.
The sale raised a total of £49m with a 78% success rate. Some 169 lots were offered after almost 50 properties were withdrawn prior to sale.
A rarely available freehold opportunity in Mayfair, W1, failed to find a buyer on the day and remains available. The mews building on Adam’s Row, situated behind Mount Street, was offered with planning permission for redevelopment into a five-bedroom home. It was guided at £5.25m.
However, a further four £1m-plus lots were sold. They included a freehold block of 27 flats in Newcastle, which went for £1.3m – a 10.7% yield.
The cheapest lot was offered with nil reserve on behalf of National Grid and sold for £1. The 0.168 acre site in Laurencekirk, Scotland, is let to telecoms company Arqiva until June 2099 on a peppercorn rent.
The auction took place at The Cumberland Hotel, W1.
