Network Auctions have achieved another auction high with the £2.6m sale of a Freehold block of 8 apartments in Elephant & Castle, London.
The block currently let and producing £180,024 per annum, benefited from planning consent to create two additional apartments.
Network Auctions surpassed their own sales record in March of this year with the sale of a Freehold block of nine flats in Surrey, which also sold for £2.6 million. The recent sale of the Elephant & Castle lot matches their current record, in a year that has seen some market uncertainty.
Toby Limbrick, Director at Network Auctions says, “Investors are still keen to find the right opportunities. Development potential and possible Freehold break-ups are some of the angles savvy investors are exploring to make the most of the present market conditions”.