Strettons latest property auction raised £10,447,995 yesterday morning. Under the hammer, at the Great Connaught Rooms WC2, was a mixture of commercial and residential property offering a host of attractive opportunities for investors.
Overall, 75 per cent of the 86 lots on offer were sold. This figure includes the 64 lots sold in the room and an additional 10 lots which were sold prior to auction. A further 7 lots were withdrawn from the auction while 2 others attracted no bids.
The property attracting the highest successful bid was Lot 15, which sold for £522,000. This lot comprises adjoining three storey properties arranged as ground floor shops with residential accommodation overhead. One of the ground floor units, covering 24.6 square metres, is currently occupied by a hairdresser. The property provides an income of £25,380 per year with a yield of 4.86 per cent.
Another property generating interest was lot 27 a mid-terraced three storey property featuring 62.7 square metres of retail space and 20.9 metres of ancillary space. This lot, in East Ham sold for £400,000.
Properties with lower guide prices also generated competitive bidding with investors snapping up a number of residential bargains in the London area.
Among the lots failing to reach the reserve price was lot 25 a freehold detached farmhouse in Essex located in a 22 acre smallholding plot including a variety of outbuildings and barns. The last bid on this property was £820,000 and anyone interested in the reserve should contact the auctioneer.
The results are broadly in line with Strettons July auction at which 76 per cent of properties were sold for a total of £12.5 million. Strettons next auction will be held on 6th February 2013.
