A freehold shop with flats above in Woking, Surrey, attracted the fiercest bidding at Lambert Smith Hampton’s first ballroom sale of 2016.
The lot sold for £1.4m off a guide price of £900,000, up from its initial £820,000 listing, owing to high demand during the first week of marketing.
The shop generates an income of £43,080 per annum – a 3% gross yield. However, LSH’s head of auctions, Oliver Childs, said the building was suitable for developing into 14 flats.
The largest lot was a freehold retail parade and doctor’s surgery in Watford, Hertfordshire, which sold for £2.4m off a guide price of £1.5m.
The sale raised £13.3m from 41 lots – a 94% success rate. It follows LSH’s foray into online-only commercial auctions a fortnight ago.
The auction was held at Le Meridien, W1, on 22 February.
