A Coral bookmaker with a maisonette above was the star lot at Andrews & Robertson’s penultimate sale of the year, which raised £15.3m.
The sales figure was down on last month’s £16m but exceeded last year’s November total by more than £2m.
The auctioneer sold 63 out of 75 lots on offer, reflecting an 84% success rate. The average lot size was £242,698.
The bookmaker and two-bedroom maisonette on Tooting High Street, SW17, was the
most expensive lot, selling for £1m off a guide price of £825,000 – a gross yield of 5%.
Coral has nine years left on its lease at a rent of £50,000 pa. The flat is let at £1,300 per month to five people without a formal tenancy agreement.
Andrews & Robertson chairman and principal auctioneer Robin Cripp said for every property sold “there were several disappointed underbidders”.
He added: “There has been a lot of comment about a slowing of the housing market, with some estate agents reporting that the volume of sales is down. I think this reflects a shortage of property for sale, not a lack of interest from buyers.”
Other successful London lots included a three-bedroom terraced house in Peckham, SE15, sold on behalf of a housing association for £717,000 off a guide price of £585,000.
A three-bedroom house in Forest Gate, E7, was sold on behalf of Mountview Estates for £421,000 off a £300,000 guide.
A freehold building in Bowburn, County Durham, with three occupied shops, empty offices, flats, kiosks and garages, sold for £289,000 off a £150,000 guide.
The sale took place at Hotel Russell, WC1, on 5 November.
