Andrews & Robertson’s decision to beef up its auction department paid off handsomely when its latest sale raised £2.6m, more than double its average in the previous year.
The mixed commercial and residential auction achieved a success rate of 70%, and, with 93 lots on offer, the sale was some three times larger than those which it held in 1994.
“Our investment in people has been very worthwhile,” said senior auctioneer Andrew Smith. Last year he poached auctioneer John Weatherall, professional specialist Mike Aislie and legal executive Jayne Mountain, all from Barnard Marcus.
The residential element of the sale proved the bigger draw on the day, with some 94% of the lots on offer sold.
One of the most surprising lots was a derelict semi-detached corner house in St John’s Vale, SE8, which prospective purchasers were advised to view only with extreme care. The property had a guide of £35,000, but the bidding climbed steadily before the house was finally purchased for £81,000 by a developer.
At the other end of the spectrum, Camden Cottages, a two-floor terraced house only 30ft from the River Wey, was undoubtedly the most picturesque property on offer. It went to an owner-occupier for £66,500.
Bidding on the commercial lots was slower. “Clearly, commercial property is not faring so well as residential.
“The higher-value lots reduce the number of prospective buyers – flats requiring conversion are within more people’s reach,” explained Smith.
York House, a headquarters building in Streatham, SW16, was snapped up by a prospective occupier bidding from Hanoi in Vietnam. The purchaser paid £220,000 for the offices, which were offered by Bradford Property Trust.
Shop yields, which rarely went below 15%, proved disappointing. One unit, part of a parade including Blockbuster Video and Costcutters, in Corfe Mullen, Dorset, fetched £42,000. The unit produces £9,025 pa.
