A Subway shop with flats and a maisonette in Forest Gate, E7, went for just over £1m after competitive bidding in Savills’ latest sale.
The property was among a number of commercial lots offered as Savills looks to broaden its largely residential catalogue.
The ground floor shop with three flats above and a maisonette in a former stable mews building at the rear (lot 57) produces £51,200 per annum, a net yield of 4.7%. It was guided at £950,000.
Savills added the 4 August sale to its calendar instead of taking the usual break before September to meet demand and raised a total of £20.1m with a 74% success rate.
Robin Howeson, auctions director, said the auction brings the total raised for clients during 2021 to more than £210m.
“This is 35% more than [at the same point in] 2020 and over 85% more than [at the same point in] 2019, which shows the continued performance of both the market and our livestream method of sale. In fact our August auction had the highest average sale price this year at just over £410,000,” Howeson said.
Residential highlights included a three-bedroom semi-detached house with garage and garden, in need of modernisation, in Southfields, SW18. Lot 1, pictured, sold for £1.13m.
In Fulham, SW6, a well-located mid-terrace property arranged as two non self-contained flats, both in need of modernisation, sold for £1.38m. The property (lot 11) offers potential for conversion back to a single dwelling.
“Looking at buyer types, end users are continuing to search for a home at auction and they are very much open to a renovation project – the key for them is location and if that’s right, they’re bidding. We are definitely seeing more and more buyers of this type, not only in London but also the home counties and further afield and they’re buying at all levels including the £1m-plus mark,” Howeson said.
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