Our July auction had been scheduled for Thursday 9th July but, due to train divers on London Underground calling a strike for that day, was brought forward 24 hours to Wednesday 8th.
The earlier date enabled the room at the Grosvenor House to be busy and, together with many telephone, internet and proxy bidders, a lively sale resulted.
The day started with a well-attended seminar on buying leasehold property and extending leases given by Frances Watts from the Head Partnership Solicitors and bidding was fast and furious when Guy Charrison took to the rostrum.
The very first lot in Leytonstone, East London selling for £344,000, some 25% above the guide price of £275,000
Lot two, a property in Coventry did even better, selling at £245,000 more than double the reserve.
In total, thirty eight lots were offered and sales agreed on twenty nine, a sales rate of 77%. A total of £4 million was raised.
A number of ground rent investments in and around the Midlands proved very popular.
Having sold the first lot of the day in Leytonstone at £344,000 the adjoining property sold later in the day for £350,000.
Lots had been provided by a range of sellers including asset managers, corporate businesses and private individuals.
Managing Director Toby Limbrick said: “When we first learned of the strike on London Underground our hearts sank for a minute but with help from the Grosvenor House Hotel, our partner agents and our own marketing team we quickly made the decision to bring the auction forward 24 hours and we are delighted with the outcome.
With bidding possible by telephone, internet and by proxy there was always going to be no issue with buyers getting to bid but we were particularly pleased with the strong turnout of serious bidders present in the room.”
Our next auctions are in September with the London sale taking place on 10th September and the Birmingham sale on 15th September. Lots are now being taken for inclusion in both sales.