Savills’ July sale raised £20.7m this week with a success rate of 63.9%.
Savills sold the 19th century Palace Mansions in Muswell Hill Broadway, N10, for £2.95m off a guide price of £2.95m.
It was the first time in 50 years the asset – which includes seven lock-up shop units, seven self-contained mansion flats and four lock-up garages – was on the market. Total current rent is £176,465 per annum.
Other notable sales include The Hyde in Colindale, NW9, a development site with planning permission for a six-storey building with 18 flats and office space, sold for £3.21m off a guide price of £2.575m.
In Enfield, north London, former community hospital Constance House was sold for £846,000. The vacant site, which had a guide price of £775,000, includes two three-storey purpose-built buildings of 6,398 sq ft with the potential to convert to residential use.
It was the second month in a row that the success rate was below 70%, with Savills having sold 67% of its catalogue in June in what it described as a “stop-start market”.
At the time, Chris Coleman-Smith, head of auctions at Savills, said: “It’s not a straightforward market at the moment. There is more confidence, but the market is stop-start. If you sell around 70% these days, that’s quite good. Two years ago, you might have got an 80%. It’s down to auctioneers to decide what is an appropriate reserve.”
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