£10m raised at May Auction
Posted by Strettons on 28th May 2019 -
Our sale on 21st May raised over £10m from a room where there was mixed bidding with strong demand for some lots and others just not quite reaching their reserve price.
The highest price on the day for a single lot for £1.16m for a restaurant and eight flats in Hendon NW9 producing almost £93,000 per annum to show an initial 8% gross return.
Three industrial units in Tonbridge sold for £990,000, a gross yield of just under 8.5% and a part vacant residential/commercial unit in Ilford producing £19,740 a year sold for £385,000, an initial yield of 5% with scope to increase.
In Ealing W5 a vacant restaurant with residential potential sold for £814,000 and an A3 shop with two floors of residential above, close to the new Tottenham Hotspur stadium on White Hart Lane, sold for £480,000.
On the residential front, a house in Stoke Newington arranged as two flats, with one let on a regulated tenancy sold for £775,000, a vacant 2-bed house in Leyton E10 sold for £350,000 and a house in N17 let on an AST at £12,900pa sold for £250,000, just over a 5% yield.
A selection of small sites offered on behalf of JCDecaux generally sold well and a portfolio of 20 freehold ground rents all sold for above their reserve price.
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