Edward Erdman raised a total of about £800,000 from their latest auction, despite an initial setback when Great Universal Stores withdrew 12 lots prior. GUS’ turnround left 14 lots still in the auction, 12 of which sold. A spokesman for GUS had no comment to make on the firm’s withdrawal.
However, it is possible that arrangements pending Harris Queensway’s subsequent purchase of GUS’ Homecharm chain might have some bearing on the matter — though Homecharm stores were not among the lots offered originally by GUS.
On the day one of the more impressive prices achieved was for 68 High Street, Walthamstow, London E17, a betting shop which was knocked down at £84,000 on an income of £6,500 pa, a yield of 7.7%.
There were about eight hopefuls in the room for 18 King Street, Sandwich, Kent, a 1,127-sq ft shop let at 3,000 pa. The property went for £30,000.
The best price of the day was £145,000 for a 1,543-sq ft vacant shop at 28 Chapel Road, Worthing, West Sussex.
Auctioneer, Tony Trump, donning his Scottish title of Judge of Roup, sold one of the three lots on offer in Edinburgh. Nos 47-49 Lothian Road, two intercommunicating ground-floor shops let to the Ministry of Defence and yielding an income of £6,500 pa, were knocked down at £100,000.
The bidding was encouraged when Mr Trump reminded the crowd that a rent review is due in eight weeks’ time.
Mr Trump commented: “I thought that competing with Allsop’s would be a cause for concern (the sales took place on the same day), but the sale was a definite success and that is in everyone’s best interest.”
