A receivership sale of 40 flats in Leeds was snapped up by a single buyer ahead of Allsop’s latest residential auction, held on 24 June.
The one-, two- and three-bedroom apartments in the Kingsdale Court development had been offered as individual lots, with guide prices starting from £15,000.
Richard Adamson, partner and auctioneer at Allsop, said the portfolio had been sold to a large residential landlord.
On the day of the auction, the largest lot sold was a freehold HMO building with 15 rooms to let in Little Venice, W2, guided at £2.25m-£2.5m (lot 35a, pictured). It sold for around £2.4m after competitive bidding.
A vacant leasehold site in Middlesex with 10 garages and planning permission for two bungalows triggered a bidding war before selling for triple its guide.
The 0.1-acre site in West Drayton (lot 8) was offered on behalf of London Borough of Hillingdon with a guide of £125,000 and consent for two two-bedroom semi-detached homes.
It was the most popular lot of the day, with more than 40 buyers registering to bid. The final sale price was £408,000.
Adamson said it was a great example of what could be achieved at auction if lots with “value add potential were priced at a level that excites people”.
Allsop raised a total of £43m from 166 properties. The change to the nil rate band for stamp duty – from £500,000 to £250,000 – for completions from 1 July did not seem to subdue interest. More than 1,000 bidders registered, with 3,748 bids placed throughout the day and 90% of lots offered finding buyers.
Adamson said: “The successful rollout of the vaccination programme coupled with the gradual lifting of the Covid restrictions across the country has helped sustain and amplify confidence in the residential property market, and we expect this trend to continue well into H2 2021.”
A freehold period building in Wandsworth Common, SW17, sold on the day at its guide price of £1.5m. The property (lot 40) is made up of two maisonettes, with one let on a regulated tenancy and producing £13,500 and the other vacant.
A former office block in Haywards Heath, West Sussex, with approval for change of use to 76 flats (lot 32), sold prior for well in excess of its £7m guide price.
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