Barnett Ross hits 97% success rate

Barnett Ross achieved a 97% success rate at its sale on 28 February, which raised £14.7m. Only one lot went unsold, with 35 sold in the room and two prior to auction. Auctioneer John Barnett said: “There is an obvious trend for many investors to focus on commercial investments, which have a lower stamp duty and show a generally higher net return. “Our results and the packed auction room showed a frenzied appetite for sensibly reserved commercial stock.” Highlights included a ground-floor shop with a self-contained flat above in Slough, Berkshire, producing £13,900 pa. It saw competitive bidding in the room and sold for £490,000 off a reserve of less than £160,000, reflecting a yield of 2.8%. A property in Hoddesdon, Hertfordshire, consisting of four ground-floor shops each with flats above, plus a motor workshop and a petrol station with car wash, sold for £1.7m off a reserve of less than £1.2m, producing a yield of 6.5%. The largest lot was an apartment in Hampstead, NW3, comprising a 3,360 sq ft floor area, five bedrooms, three separate terraces with a combined length of 100ft, 24-hour concierge service, swimming pool, gym and underground car park. It sold for nearly £3.4m off a guide of £3.5m. The sale was held at the Radisson Blu Portman Hotel, W1.