Strettons raised £12.5m from 39 lots in its latest sale, with a success rate of 87%.
Only six lots were withdrawn prior to the 8 April auction.
A retail and office investment in Rochford, Essex (lot 17), achieved the highest price of the day when it sold for £802,000 off a guide price of £750,000-plus. It currently produces £67,115 per annum, an 8% net yield. And in Ilford, Essex, a three-bedroom house with adjoining site offered with planning permission for a three-bedroom and four-bedroom house (lot 12) sold for £800,000 from a guide of £750,000.
The first lot of the day was a vacant former substation site in Cowes, Isle of Wight, which sold for £175,000 against a guide of £50,000. It was followed by a long-leasehold vacant three-bedroom flat in Hayes, Middlesex, which was guided at £230,000 and sold for £362,000. Competitive bidding continued, with lots selling for an average of 23% above guide price.
Two freehold residential investments in Forest Gate, E7, (lots 23 and 24) exceeded their £350,000 guide prices, selling for £415,000 and £391,000 respectively.
Advertising agency JC Decaux continued its disposal programme for surplus land. A 5,147 sq ft site in Southampton sold for £240,000 against a guide of £100,000.
Strettons said ground rent investments continued to exceed expectations. A ground rent investment on five flats with planning permission for an additional flat on New Kings Road, SW6, (lot 50) was offered on behalf of LPA receivers with a guide of £9,500 and sold for £69,000.
Auction director Andrew Brown said: “It is clear that the market is still very robust, and I am pleased with the total we raised. There was strong interest in the sale, and we had many keen bidders for the vast majority of lots. I feel this makes our 87% success rate very representative of how it would have been pre-Covid in a ballroom auction as we were able to offer so many properties on the day.”
Strettons’ next sale will take place on 27 May.
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