Demand for development sites was evident at Andrews & Robertson’s latest sale, which achieved an 84% success rate from the 84 lots offered.
Just over £12.1m was raised, with 60 lots selling in the room, eight prior and two post-auction.
Takings were slightly down on the July sale, which achieved £17.2m, and last September’s auction, which achieved £16m.
The top lot was a freehold, three-storey, semi-detached former care home in Balham, SW12, with development potential. It sold for just over £1.1m off a guide price of £950,000.
A pair of freehold semi-detached farm cottages in Potters Bar, Hertfordshire, sold on behalf of Enfield Council, achieved a combined price of £810,000, which was £110,000 above their guide.
In Crayford, Kent, a freehold, detached light industrial building arranged as 10 self-contained units with a yard sold prior for £1m off a £950,000 guide. The 6,932 sq ft building, in a residential area near the high street, is partly-let and generates £56,210 pa – a 5.35% gross yield.
In Brighton, a freehold, four-storey, terraced building containing four flats, was offered with full vacant possession on behalf of a housing association. Guided at £390,000, competitive bidding saw the hammer fall at £520,000.
A portfolio of 42 freehold ground rents were offered individually and all were sold. Of the 42, eight had some reversionary value. The total income was £21,982 pa, and they sold for £916,250 – a 2.12% yield.
Andrews & Robertson chairman Robin Cripp said: “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.”
The sale took place on 22 September at the Grand Connaught Rooms, WC2.
