Presale apprehension gave way to some encouraging prices at Andrews & Robertson’s sale on 13 July.
The firm’s Andrew Smith admitted that the mixed results of other recent auctions prompted fears that the residential development lots might be affected by the softening in the private treaty market.
However, on the day, the sale, at London’s New Connaught Rooms, realised over £11m from a 72% rate. And post sales have taken it to £11.5m.
Among the highlights was the sale of a vacant plot in Clapham Road, SW9. Owned by Lambeth borough council and described as having residential development potential, it attracted 109 bids and finally sold for £820,000 – well over twice the guide price.
A property in Trinity Rise, SW2, which offered planning permission for conversion and new build for five flats, went for £421,500. And in the biggest sale of the day, a bidder clinched another development proposition, at Church Road, Mitcham, Surrey, for £1.25m.
Smith said there was one disappointment, however. The Victory pub in Walworth, which had planning consent for residential conversion, didn’t produce a victorious result.
“It is a substantial unit that lends itself to nine or 10 flats. Perhaps, with the softening in the residential market, people were less sure about such an investment. It may be a victim of the market,” said Smith.
