RESIDENTIAL
300 bidders for Houses etc auction
Estate agency there!” Housesetc auction
Housesetc & system was designed by
letting agent Iam-sold, an independent
Link Agency consultancy firm, specifically
LOT 117
are expanding to help ordinary residential
their current buyers and sellers achieve a
operations to include regular speedy and secure sale. In this
‘modern method’ property type of auction is free to the
COMMERCIAL
auctions. David Leake MNAEA seller with no sales fees to
Allsop hits £756 million in 2009
(pictured) Director at stump up. The buyer pays
Housesetc said, “The a five per cent (minimum
Allsop’s Commercial Auction in perception of auctions has £5,000) non-refundable
December offered 159 lots and changed completely. In the deposit following a successful
raised £80.05 million, reflecting past, they were synonymous bid and exchange in 28 days.
a success rate of approximately with cheap, repossessed Housesetc are confident
78 per cent, their biggest properties however, more and that interest in ‘the modern
December Auction for two years more residential sellers are method’ auctions will continue
and 30 per cent up on last year. now reaping the benefits of to grow as buyers and sellers
Average lot price was £641,406 selling this way. The auction in recognise the obvious benefits
(£660,760 in October), 20 lots sold November was a huge success, of this type of sale.
over £1 million, three of which we were expecting around 100 Director of associate partner
were over £2 million. Seven first buyers, but 300 bidders turned Link Agency Phil Jones BA
class public house investments
LOT 25
up on the night, and an (Hons) MBA MNAEA MARLA,
on behalf of Enterprise Inns plc astounding 91 per cent of the commented “Properties are
sold, reflecting an average price remains tight and, although most properties entered into the exchanged within 28 days and
of £1,655,000. of our regular buyers have a auction received a proceedable completed within 56 days,
The largest lot was Lot 117, healthy appetite for sensibly priced offer producing a 70 per cent without any lengthy,
a Leicester petrol filling station stock, several have remarked upon sale conversion rate; evidence problematic chains.”
(above) let to Total UK Ltd at a what they consider to be severely that there are buyers out www.housesetc.co.uk.
rent of £222,037 pa, which sold protracted procedures for securing
for £2.5 million. debt, even at much reduced loan
At Allsop’s Residential Auction, to value ratios. “I also sense an
LONDON
also held in December, the £50m increasing degree of prudence.
Festive flurry at Connaught Rooms
realised took the Residential As prices paid require more equity,
Team’s sales tally to over £325m buying decisions are not being Competitive bidding for proceeds of £14m, £1m more
for 2009 and the year’s average taken lightly. Bidding was realistically priced than in October when 76 per cent
success rate to 88 per cent (86 per disciplined. As one buyer put it, secondary commercial of 102 properties were transacted.
cent in 2008). The overall sales now’s the time to be sensible.” and vacant residential Activity post sale was projected
figure for the firm’s residential and The largest lots of the sale, lots erupted at Andrews and to push sales to £15m and 70 per
commercial sales closed at £756m all located in traditionally sought Robertson’s final sale of 2009 cent within days.
and 87 per cent (£698m and after central London locations, driving totals to £14m. Private Robin Cripp, Andrews and
84 per cent in 2008). The sale, attracted keen interest. Lot 25 in investor appetite for such stock Robertson’s chief executive and
which was approximately 40 per Chelsea, London SW3, a freehold seems to have returned with a auctioneer, said, “The lots
cent distressed stock, was again mid terrace building arranged as vengeance at London’s Grand averaged 26 per cent above
dominated by cash buyers. Partner three flats. Producing £44,440 pa. Connaught Rooms in December. guides. Most of the stock around
and auctioneer, Gary Murphy, Sold for £2.25m against a guide 67 (64 per cent) of the 105 lots London and Home Counties did
commented, “Bank lending price of £1.9m. offered sold generating total very well. www.a-r.co.uk
“AND FINALLY…”
Fancy buying a game park?
The South African Zorgvliet Group has launched an online
auction platform, www.zorgvlietauctions.com. One of the launch
products for auction is the 1,000 hectare game farm within the
Ka’Ingo Private Game Reserve, the farm has its own title and
benefits from all the advantages of the bigger unique Ka’Ingo
reserve. CEO of The Zorgvliet Group, Mac Van der Merwe has
identified the reality of the demands of the savvy and informed
post credit crunch consumer as, ‘I want it now, I want more value
and I want it at my price point.’ He says, “In 2010, the shared
vacation ownership industry, like many others will have to adapt
to these aggressive new challenges. More efficient operations,
additional offerings and lower sales costs all contribute to this.”
PROPERTYdrum FEBRUARY 2010 59
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