Auction Sales Stay on Track in December
In spite of a major train strike and problems on the Underground there was a busy room at Strettons’ end of year sale on 13th December. Overall, we raised close to £7m, higher than our December 2015 auction.
Highest price of the day was £1.1m for a mixed commercial and residential investment in Victoria Park E9, showing an initial gross yield of 3.6%.
Another mixed residential/commercial property in Enfield producing £24,900pa sold for £430,000, a 5.8% gross yield with two adjoining shops in Thornton Heath selling for £183,000 and £182,000 or gross yields of 6.1% and 6.7%, respectively.
Two unusual lots, a 5,600sqft vaulted basement in St Katherine’s Dock, near the Tower of London, sold for £650,000 and former Maltings in Gloucestershire sold for £295,000.
On the residential front a house in Dulwich converted into two flats, one let on and AST and the other with a Regulated tenant, generating a total £14,262pa sold for £660,000. A 2-bed flat in Tottenham N17 realised £289,000 and, in contrast, a vacant 3-bed house in Thetford, Norfolk fetched £107,000.
So, we as we close the year in which we celebrated our 85th anniversary, we look forward to seeing what 2017 will bring in an atmosphere of preparing to exit the EU and further tax changes affecting the buy-to-let market. Over time, however, property has been able to weather the storms and, especially if interest rates remain at an all-time low, we believe property investment will outperform most other investment vehicles.
Our first sale of 2017 is on Thursday 9th February with the catalogue due on-line 20th January. In the meantime we wish everyone Compliments of the Season and good health and fortune in 2017.