Barnard Marcus’ January sale of residential property disposed of any lingering doubts about the resilience of this market in the coming year.
The auction was well-attended and realised just over £9.1m with a 65% success rate on the 175 lots on offer — the more interesting of those being the 125-year leaseholds on four two-bedroom flats and one studio flat in Horselydown House, in London’s Docklands.
Horselydown House is situated on the north side of Horselydown Square on the south bank of the Thames next to Tower Bridge. But, despite this location and the promises that the area is to become the Covent Garden of Docklands, with walkways offering views of the river and a 15-minute stroll to the City, only one of the flats sold and that was prior.
Spain, on the other hand, proved irresistible. A studio flat offered with full vacant possession in Mijas, Malaga on the Costa del Sol, sold for £18,000. Another studio flat offered on similar conditions in Campa Camino, Torremolinos, sold for £11,250.
Back in England, well-located West London residential development opportunities continue to be snapped up. A freehold four-storey terrace property offered with full vacant possession and a planning application made for conversion to three two-bedroom flats and one two-bedroom maisonette at 69 Edith Road, West Kensington, W14, sold for £287,500.
However, straightforward vacant central London residential investments have not lost their gloss. Put up for auction by order of the gift of the Thomas Pocklington Trust, no less, a freehold five-storey semi-detached house arranged as three flats at 23 Colville Road, W11, sold for £269,000.
For Mr Cripp the lot that inspired the most surprising reaction was one also entered by the Thomas Pecklington Trust. Spring Cottages, a 2,700-sq ft two-storey freehold end-of-terrace house with full vacant possession, was previously used for light industry but is now considered suitable for residential development. “The bidding seemed to go on forever with an opening bid of £50,000, but eventually selling for £200,000.”
