Public sector dominates at LSH
Lambert Smith Hampton raised £5.2m off a 77% success rate at its London auction on 14 October at the Millennium Hotel, W1. The sale saw 39 lots of 55 sold in the room and several more sold since. The most expensive lot – a derelict former dance hall and tea room at 9-13 Parker Street in Liverpool – received more than 60 enquiries and sold for more than six times its £75,000 guide price. The receivership lot was bought by a student housing company for £484,000. A 1.75-acre plot close to Riverside primary school in Herefordshire also sold well. It was offered by the local council and sold to a housing association along with two smaller sites for £450,000. LSH head of auctions Oliver Childs said the association had “seen value where there is a lack of new build on the market”. He added: “By developing these three sites out, it would allow it to improve and expand its residential stock in a tight market.”
Student lettings boost MS
MS Auctions raised a total of £4.9m at its 14 October sale at Kensington Town Hall, W8. The largest portion of the sales came from five lots of freehold terraced housing at Galingale View in Staffordshire, offered by the owner of a private student accommodation company. The houses sold for £780,000 post-auction to a private London investor, raising a total of £3.9m. The row of refurbished houses, let to students at an annual rent of £146,500, is located near the Keele University campus. The largest single lot of the day was a former magistrates’ court at 363 Main Road, Harwich, Essex, which sold for £405,000 off a guide of £360,000. It was sold by an investor in public sector assets to a local purchaser. Of 62 lots offered, 38 were sold, giving a success rate of 62%. A further five sold post-auction.
