A change of location did not bring a change of luck for Stickley & Kent at their most recent auction. The north London firm have moved still further out from the centre to hold their sales at the Hendon Hall Hotel, NW4. Despite the move, just four of the 24 lots offered sold in the room with four going prior.
The predominantly residential catalogue included vacant properties in London and the South East as well as ground rents and residential investments.
However, although S&K have tied up a deal with National & Provincial Building Society to provide immediate loans for first-time buyers, lot after lot failed to sell.
Location and strength of covenant played their part in the biggest deal of the day. The three-flat investment at 27 Green Street, W1, produces £85,162 pa and boasts the Bank of Montreal and the American embassy for tenants.
Held on a lease with 12 years to run from the Grosvenor Estate, the property fetched £240,000.
