Lots of demand over £1 million

By Charlie Jacoby, November 30, 2010
Ilford lot: a Network Auctions star

Ilford lot: a Network Auctions star

Demand for £1 million-plus lots dominated Acuitus's latest commercial property auction, which raised £17.332 million from the sale of just over half of the 29 lots offered, with 10 of these selling for more than £1 million. By value, just under 75 per cent of the investments offered sold, at an average of £1.15 million - substantially above the corresponding average sale prices in other autumn sales to date.

A receivership retail and residential investment in Hounslow was the subject of fiercely competitive bidding, eventually going for £2.81 million to a group of local businessmen. This was £1.3 million above initial guide price, with a yield of 3.22 per cent.

Pub investments were sought-after. Offered by Enterprise Inns, The Birdcage, Stamford Hill and The Snooty Fox, Highbury sold for £1.05 million and £800,000 respectively.

Meanwhile, Network Auctions reports its best success rate in the past seven months at its November sale, with attendance noticeably up, high interest and strong bidding. "Over £2 million sales were achieved," says director Toby Limbrick - a 72 per cent success rate. The first lot was a vacant freehold garage/workshop on a 30ft x 9ft plot in Ilford, Essex. Guided at £2,000 to £3,000, it sold for an exceptional £19,000.

The Old Police Station, Royston, Hertfordshire, built in 1883, sold for £350,000 prior to the sale against a guide of £325,000. And an ex-public toilet in Bletchley - now offices - sold for £75,000 (guide £65,000).

Network Auctions' last sale of the year is on Wednesday December 8. Acuitus's next sale is on December 9.

Last updated: 11:40am, November 30 2010