Prices averaged at £344,000 as buyers chased popular London postcodes at McHugh & Co’s auction held at BAFTA on Piccadilly, W1.
A total of 25 out of 33 properties – a 76% success rate – sold at the 23 February sale, all of them within Greater London, raising £9m.
Sales post auction boosted success rates to 79%.
Housing association stock and residential property with potential to add value was particularly popular pushing final bids on several lots well above guides.
Notable highlights included a Georgian townhouse in Mornington Crescent, NW1, arranged as an HMO and offered with vacant possession on behalf of a housing association with a guide price of £825,000+, made £1m. A freehold investment in West Hampstead, NW2, split into seven flats producing £93,659,88pa, sold prior for £1.5m, off a guide of £1.1m.
A derelict shop and upper parts with planning consent near Tower Bridge, SE1, sold for £697,000 off a guide of £600,000.
James McHugh, auction manager, said: “This was a good result because people are looking for safe covenants and so when it comes to secondary positions and shops with vacant possession they generally have to be cheap to reflect the risk they are taking on.”
