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Home » News » Blog » May Auction raises over £8.6m

May Auction raises over £8.6m

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Our sale on the 22nd of May raised over £8.6m from a busy room where there was confident bidding on the majority of lots.

 

The highest price of the day was £1.6m for a site in Leytonstone E11 with planning for 9 flats and £1.25m for a freehold commercial/residential investment in Wood Green N22 producing £61,300 a year, showing a %5 gross return.

 

A mixed commercial investment in Carshalton producing £10,650pa sold for £160,000 just over 6.5% return and a commercial investment in Mill Hill NW& let at just under £25,000pa fetched £405,000 (5.5% return) with a commercial unit in Chalfont St. Peter, let at £18,350, selling for £437,000 (4.2% return).

 

 

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HIGH ROAD, WOOD GREEN, N22 6DS

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CLARENCE COURT, MILL HILL, NW7 4RN

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CHALFONT ST. PETER, BUCKINGHAMSHIRE, SL9 9DU

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Several vacant houses sold for more than the guide including our first lot of the day, a 3-bed house in Walthamstow E17, which sold for £461,000 against a guide of £355,000+; a 3-bed house in Leyton E10 which sold for £575,000 again a guide of £475,000+ and a "Warner styled" house in E17, at the same guide, which sold for £500,000.

 

On the buy-to-let side, a 1-bed freehold flat in E17 let at £10,200pa sold for £165,00, a 6.25% gross return and a short leasehold flat in Dagenham producing £7,800pa sold for £90,000, an initial 8.7% return. Another short leasehold flat in E16 producing £11,100pa sold for £165,000, an initial 6.7%.

 

Surprisingly, however, BTL properties in E10, E15 and E6 potential for circa 6% initial return failed to reach reserve - more details of these properties and all results can be found here.

 

The 16th July catalogue will be online on the 27th of June. So, if you are thinking of selling please do contact us for what is usually a popular sale before the summer break.

For more information about our auctions or to register for upcoming auction emails, please email auctions@strettons.co.uk