Selling a record-breaker

IT IS not every day a client meets me to discuss the sale by auction of a lot that might make more than £20 million, but that is what occurred in January this year, when I went to see the chairman of trustees of the Foyle Foundation. The property was Okehampton Close, Finchley, north London, an unbroken freehold block of 65 flats and 30 garages on a 2.63-acre site built in the 1930s. The trust had also submitted a pre-app for the construction of a further 46 flats.

Discussion centred on the likely demand — was it too large a lot; who would bid; would a May or July sale be suitable in the light of Brexit discussions and possibile election, or should it be deferred, etc. One matter I raised was the Corbyn factor which, if it materialised, would (in not only my opinion) have a damaging effect on property, with a possible rise in interest rates due to Labour policies. I think this tipped the balance in favour of offering the lot for auction on May 10.

Bidding started at £15 million. As I was on the second count of selling at £20,050,000, a new bidder came into the frame and I eventually knocked it down at £20,425,000 after 68 bids, to a round of applause from the room. This sale was now the highest-value property ever sold by auction in the UK. The lot took 18 minutes and four seconds to sell — the longest I have ever taken, but spare a thought for my wife, Sandra, an accomplished ceramicist, who had to carefully write down the figures of each bid (having many noughts) plus the bidders’ identification numbers — as she always does at auctions without blemish. You can re-live the bidding at barnettross.co.uk

We sold 100 per cent of lots in this sale — the third time we achieved such success rate in the past eight auctions.

John Barnett is chairman of Barnett Ross, whose next auction will be on October 24. To discuss potential lots, phone 020 8492 9449