The sale of a 6ft-wide shop and a 12-flat residential block by Harman Healy Residential last week demonstrated the varied scope of auction.
“For both small and large lots, auction brings out the full value,” said auctioneer Robin Wilson, speaking after his auction last week.
The first was a vacant and structurally unsafe former shop and uppers in Homerton High Road, E8, guided at £20,000, which, according to Wilson, might have fetched £30,000-£40,000 at private treaty. It sold under the hammer for £69,000.
The latter was an extended pair of houses in Portland Road, South Norwood, SE25, arranged as 12 flats – two let on regulated tenancies, the rest let to Hyde Housing Association until September 2004. Producing £62,144 pa, the investment sold for £1.3m and has development potential in the roof space.
The auction saw the sale of 79% of the lots for £6m.
“It was a slightly smaller catalogue but we were fortunate to have some larger-value lots so it resulted in a reasonable sale for us. It’s been a good first four months of the year.”
