Downward pressure on retail prices delivered a disappointing result at Barnett Ross’s 28 February auction, which raised £10.4m off a success rate of 73%.
Some 58 lots were offered and 42 sold, including nine prior, at the sale at the Radisson Blu Portman Hotel, W1.
Auctioneer John Barnett said lower prices achieved at auction for retail stock were a symptom of the general pressures on the high street.
“We didn’t do as well as expected, but that’s because of what’s going on in the wider market,” he said. “Anything [retail] that is a distance from London, unless in a good location in a tip top town, is difficult. In some cases the properties are underpinned a bit if there is residential upstairs. But without the residential, prices are going to slide faster.”
The largest value lot under the hammer was a shop and upper in Wood Green, N22, let to Betfred until 2020. It sold for £1.1m, off a guide of £1m, a yield of 6.81%.
samantha.baden@estatesgazette.com
