Autumn yields fruit for auctioneers
Auctioneers are filling their catalogues for the last sales of 2016, following good early-autumn sales. Acuitus held its largest-ever auction last week, selling £70.61 million of assets. Richard Auterac, Acuitus auctioneer, says: “The strong investment case made by commercial property was demonstrated once again at the October auction. Veterans of the saleroom were competing with investors who were making their first auction purchases.
“Although many buyers are attracted by the investment yields on offer, there is also strong demand for development and active asset-management opportunities.”
Grosvenor House, Norwich, a vacant office building with consent for conversion into 84 flats, was sold by Acuitus for £3.375 million. Prime retail and leisure investments also remain popular. A shop and restaurant in Slough, producing income of £50,000, sold for £980,000 (yield, 4.8 per cent), while a Wimbledon pub sold for £1.42 million (yield, 5.1 per cent).
Auterac adds: “There is a new generation of investors in the auction room and we are committed to providing
BUYERS continue to show a healthy appetite for new developments in north London. Now available is Real Estates' scheme in Woodside Park, N12. There is a onebedroom apartment, them with a depth and detail of information which makes buying at auction as easy and transparent a process as possible.” The final Acuitus auction of 2016 will take place on December 8.
Lambert Smith Hampton held an online auction yesterday, with six properties for sale on behalf of receivers. All three two-bedroom, twobathroom apartments and a two-bedroom, twobathroom penthouse, for development or investment, they included a 10,000 sq ft freehold vacant office building in Sheffield, with 32 parking spaces, at a guide of £380,000.
The firm’s next physical auction takes place in London on December 5 Among saleroom highlights this year, Lambert Smith Hampton sold a house with off-street parking, a garden and a lift. Prices are from £550,000 to £1.05 million. split into flats at 53 Hendon Way, London NW2.The flats (six occupied, three vacant), producing £82,632 a year, made £1.2 million in the room.
Yesterday’s Barnett Ross auction included a supermarket and flat in Luton let to Tesco for £50,000 a year with a reserve under £700,000. EDITED BY CHARLIE JACOBY
Auctioneers have every reason to be confident about the late-autumn selling period. Andrews and Robertson posted strong results in September, with an 82 per cent success rate. Its commercial and residential property auction raised more than £11.9 million from 84 lots.
The largest lot sold under the hammer was a freehold vacant semi, formerly a care home, in Balham, south London. Bidders spotting the development potential pushed the lot well above its guide price of £950,000; it sold at £1.14 million.
In the same sale, 42 freehold ground rents were offered individually and all were sold. The total income was £21,982 per annum and they achieved £916,250 (yield, 2.12 per cent).
Robin Cripp, chairman of Andrews and Robertson, says: “This was a very encouraging sale and gives us plenty of reason for continued optimism for the quarter ahead.
“We are seeing sustained investment demand across all sectors and in particular for development opportunities where, if the lot is priced sensibly, the buyers are there, regardless of whether planning permission is in place.”
Andrews and Robertson’s next auction will be on October 31.