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Savills raises £29m in May sale

Savills raised £29m from its fifth sale of the year, recording a 77% success rate.

Sales from its live-streamed auctions are up by 37% year-on-year, with almost £200m of property sold this year.

Highlights from the auction include a development site of 1.2 acres in Colchester, Essex, with planning consent for two new residential blocks. Guided at £2.1m, it was sold prior to the sale.

In Portsmouth, a development opportunity with commercial units and eight floors of office space with planning for student halls attracted more than 60 bids and achieved a hammer price of £1.76m.

A concrete water tower close to Grafham Water on the fridges of a village in Cambridgeshire set in 0.32 acres sold for £290,000, significantly above its guide price.

A mixed commercial and residential property on a shopping parade in Acton, west London, went under the hammer for £688,000, significantly over its £495,000 guide price.

In London, a four-bedroom terraced house in Camden sold for £1.5m – £150,000 over its guide price. A detached two storey house at the edge of Norbury Hall Park sold for £513,000, more than £200,000 above its guide price.

Robin Howeson, head of Savills auction team, said: “Our mixed-use catalogues continue to deliver some exceptional residential, commercial and development opportunities across the UK.”

Savills’ next auction will be held on 31 May.

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