Welcome to Andrews and Robertson?s eighth and final auction catalogue for 2011 which brings to a close a year of global turbulence and uncertainty.
The sense of widespread economic volatility has prompted cash rich individuals at home and abroad to look for safer havens to invest in so their enthusiasm for property prior to, during and after our auctions has remained reassuringly high.
Our latest auction raised ?13m pushing revenues raised by Andrews & Robertson, one of the UK’s top four auction houses, to just under ?100m so far this year and an average success rate of 71%. In addition our comparison of average prices showed our lot size for 2011 averaged at ?195,350 against the ?164,000 raised by the UK’s market leading residential auction house.
In today’s market, vendors are looking to instruct firms with experience, knowledge and commitment. We take pride in working hard on our client’s behalf and put their interest first. This means taking their individual circumstances into account rather than focusing primarily on our success rates, without compromising either.
In the year to date we have sold properties to the value of nearly ?12 million in post auction sales, demonstrating the depth of our commitment to securing a sale for our clients long after the gavel has fallen.
Andrews & Robertson have specialised in the London property market for more than 100 years giving us an unrivalled depth of insight and a value-added service for our clients that is second to none.
This year we have seen consistently high levels of demand and competition for unmodernised homes and flats in desirable London locations, and in the South East of England. But there has also been robust demand for well priced secondary investment stock and properties with potential to add value.
Our October auction also saw several high value lots sold for prices well above guides including the largest lot of the day: a highly reversionary investment comprising four freehold semi-detached houses arranged as 30 self contained flats in Gleneldon Road, Streatham. The investment produced ?174,000 pa and was sold to a local investor for just over ?2.4m off a guide price of ?2.3m.
Our 8 December auction at London’s Grand Connaught Rooms brings 93 lots to the market. We would like to draw your attention to a few of them:
2 Hopetown Street, Spitalfields, E1: Freehold Un-modernised Three Bedroom House located just off Brick Lane. Guide Price:?525,000+
65 Grosvenor Park, Camberwell, SE5: Substantial Freehold Four Floor Terraced House offered on behalf of the London Borough of Southwark. Guide price: ?475,000+
24a Florian Street, Putney, SW15: Freehold Single Storey Caf? in a Sought After Location producing ?10,000 per annum. Guide Price:?65,000+
Land and Former Sports Pavilion Burgoyne Heights, Dover: Freehold Former Playing Fields and Sports Pavilion of approx. 1.383 hectares (3.48 acres) offered on behalf Defence Infrastructure Organisation. Guide Price: ?15,000+
20 Buckingham Road, Borehamwood, Hertfordshire: Freehold One Bedroom End of Terrace Bungalow – Offered on behalf of Affinity Sutton. Guide price: ?80,000+
17 Kingston Road & 19 Bath Road, Edmonton, N9: A Pair of Freehold Two Bedroom Terrace Houses – Offered on behalf of Enfield Council. Guide Price: ?100,000+ and ?80,000+ respectively
Flats 10 & 131 Bridge Court, Stanley Road, South Harrow, Middlesex: A Pair of Two Bedroom, Two Bathroom Self Contained Flats producing a combined income of approximately ?27,600 per annum. Guide Price: ?170,000 + each
To quote Warren Buffett “You want to strive to do your best. It is too demanding to expect perfection in yourself.”
We look forward to seeing you in the room.
Robin Cripp
Chief Executive & Senior Auctioneer