McHugh & Co chalked up an 87% success rate at its October 2 auction, proving that realistically priced properties continue to pull in the punters. The 23-lot sale raised £1.3m, with one lot sold prior.
Auctioneer Chris McHugh said: “Provided the reserves are right, it’s possible to get rid of stuff. That’s why we had such a high success rate.”
A freehold restaurant in Camden, NW1, with residential accommodation above, was one of the most popular lots. The vacant property realised £190,000. “It’s located in the street market close to Camden Lock. If it was 100 yards further into Camden it would have generated double the price,” noted McHugh.
While he is pleased with the results, McHugh added that the sale threw up few surprises. However, a freehold house in Chalk Farm, NW1, was snapped up for £82,000.
“This doesn’t seem a lot on paper, but it’s beside a council estate, which puts off quite a few people,” he commented.
