Following the merger of Andrews & Robertson with Wimbledon chartered surveyors Quinton Scott, we are pleased to bring you the first catalogue under the banner of andrew scott robertson. This is introducing to the market 157 residential and secondary commercial lots to be sold by auction at The Hotel Russell , Russell Square, London WC1 on the 19th February.
The catalogue incorporates investment, development and vacant lots with opportunities to add value by managing the asset stock. The vast majority are located in the most popular regions, London and the Home Counties.
This February we are offering a portfolio of tenanted houses, development sites and a former munitions store on behalf of Defence Infrastructure Organisation (The Ministry of Defence); ten investment properties in and around Milton Keynes comprising tenanted houses, commercial investments and a development site by order of the LPA Receivers, and seven houses in desirable areas for the London Borough of Lambeth.
We anticipate competitive bidding, for despite the challenges facing the economy the appetite for well priced residential property is heightening. We see growing numbers of private buyers frustrated by the private treaty process turning instead to auction, and the return of many familiar faces to our sales.
This trend has helped to contribute to a nationwide rise in residential auction revenues, which grew by 10% up from ?2.3bn in 2011 to ?2.5bn in 2012 according to the latest Essential Information Group figures. EIG also reported that volumes offered, sold and sums raised in 2012 reached their highest level for four years which is truly encouraging.
During the last 12 months, under the Andrews and Robertson banner, our auctioneers raised ?104m and we were ranked among the top five residential auction firms in Estates Gazette’s Residential Auction league tables for the sixth year running, with a success rate of 80% and an average lot size of ?216,000.
Looking ahead we anticipate increasing growth in the residential sector underpinned by strong tenant demand. Though the commercial sector has been suffering due to a lack of bank lending, we anticipate activity may improve as more forced sales make their way to the auction room where a depth of cash-rich private buyers are eagerly waiting to acquire such stock.
We would also like to draw your attention to the following highlights:
216a Barry Road, East Dulwich, SE22:A freehold two floor terraced ‘half house’ offered on behalf of Mountview Estates Plc.Guide Price: ?290,000 +
Six regulated investment opportunities:To be offered on behalf of a major vendor to be offered individually.
8 Montague Road, Croydon, Surrey: A freehold detached building with planning permission for the demolition of the existing building and the erection of a five floor building comprising seven self-contained flats. Guide Price: ?485,000 +
Flat 3, 31 Lavender Gardens, Battersea, SW11: A long leasehold one bedroom self-contained flat. Guide Price: ?210,000 +
A portfolio of 39 ground rent investments: To be offered individually.
278-280 Kirkdale, Sydenham, SE26: A pair of freehold buildings with planning permission for the demolition of the existing buildings and the erection of a five floor plus basement building to comprise seven self-contained flats and a bar/restaurant. Guide price: ?425,000 +
We look forward to seeing you in the room.
Robin Cripp
Chief Executive & Senior Auctioneer