AUCTIONnews
TRENDS
Resi and commercial auctions show growth •
The UK auction market has shown encouraging growth in the number of commercial and residential property lots both offered and sold at auction, new figures suggest. The quarterly trends survey, produced by the National Association of Valuers and Auctioneers (NAVA) and EI Group, shows that 1,838 residential properties were offered at auction in November 2010, equating to a 12 per cent increase when compared with November 2009. 1,078 lots were sold, an 8 per cent increase from November last year. However, the commercial auction market experienced a decline, with the number of properties offered and sold at auction dropping from November 2009 – although the value of
RESulTS Andrews & Robertson smash the £120m barrier
Andrews and Robertson raised £11m at its December 13 auction passing the £120m mark as revenues rose from £97m in 2009 to £124m in 2010. The firm opened its Chelsea office and has been spreading its client range beyond the SE London and its original Camberwell base. Properties sold for an
average price of £203,000 at the latest auction held at London, a figure well within the financial reach of many private investors. Revenues closed at £10.8m on the day. Sixty-one out of 89
secondary commercial and residential lots sold – a 70 per cent success rate. Robin Cripp, auctioneer, said, “We expect this to rise to well over 75 per cent and around £12m soon.” Realistically priced virgin
stock from local authorities and private vendors sold strongly and though the market remains largely London-centric, there were notable sales in Cumbria, Wales the North East of England, Reading and Datchet.
56 FEBRUARY 2011 PROPERTYdrum The BBC filmed the sale of
one of the Southwark Council lots, an end terrace house in SE1, for a documentary to be screened in 2012 as part of a history programme. Guided at £310,000 it sold for £319,000. Cripp said, “This house was part of an estate built 150 years ago and were owned by a property company who sold 800 of them for £300,000 to the London Borough of Southwark in 1960. The BBC was keen to record the history of the area as part of their cultural Olympics programme.” “There is investor appetite
across both the secondary commercial and residential sectors for realistically priced stock, our wide range of
assets continues to generate serious buyer interest; at the right price there is strong investor appetite.” In 2010 the firm increased
its frequency of sales from seven to eight and the volumes of properties offered rose by almost a fifth from 700 to 819 and numbers sold grew by 10 per cent from 518 to 572. Cripp said, “It is such an
achievement to turn around an independent firm in this way within two years. We believe in giving every property its best possible chance of selling and are focused on this outcome rather than being exclusively protective of our success rates. “In this auction one
property, previously withdrawn by a leading auction house two months ago in the belief it could not exceed its guide price of £280,000, was sold by us for the London Borough of Southwark for £309,000. We are now working with clients for our next auction in 2011 which will be held at The Grand Connaught Rooms, WC2 on February 16 2011.”
• •
those properties increased. The number of commercial lots sold during November 2010 was down to 174, compared with 228 in November 2009. In comparison September and October – months traditionally associated with a high level of activity in the auction market – saw a considerable rise in the number of residential property lots both offered and sold.
RESulTS
Acuitus first year impresses
The research showed that: 2,716 residential property
lots were offered at auction in October 2010, compared with 2,304 lots during the same
month in 2009; an increase of around 18 per cent
3,454 residential lots were
offered in September 2010, up from 2,770 in September 2009; an increase of 25 per cent. Commercial property remained
buoyant, with 799 lots offered in October 2010, compared to 734 lots in October 2009, an increase of around nine per cent September’s figures were
similarly healthy, with a five per cent increase in the number of commercial lots sold at auction when compared with the same month in 2009.
Acuitus raised £25.93m from the sale of 24 lots on December 9 which saw it
pass the £100m mark for assets sold since the business was established in April 2010. The Acuitus auction was
characterised by a wide range of assets selling for an average price of more than £1m, and with two selling for more than £3m. Central London investments remain very popular with investors, but there were also notable sales in Brighton, Hounslow, Bedfordshire and Nottinghamshire as buyers made it clear that there is demand for properties across the office retail, industrial and leisure sectors. Notable sales included two City
of London freeholds at Bow Lane and Well Court which sold for £1.06m and £1.43m respectively at yields of 5.9 per cent and 4.5 per cent.
The 28,137sq-ft Gala Bingo
Unit in Hounslow sold for £2.8m at a yield of 5.8 per cent Refuge House, a 25,132 sq ft multi-let office investment in Enfield sold for £3.25m. Acuitus auctioneer, Richard
Auterac (pictured), commented, “The wide range of asset types on offer drew strong buying power into the room and this was reflected in the average sale price of £1m-plus per lot. “Central London investments
and the stock flowing from banks, LPA receivers and administrators – several of whom were present at the sale – continue to generate substantial buyer interest. This sale demonstrated that for the right product there is investor appetite across all the sectors. “For all of the team here at
Acuitus, to have passed the £100m sales mark after less than eight months since the formation of the new business is a great achievement. The market has responded very positively to our independent, specialist approach and we’re looking forward to building on this year’s progress. Acuitus’ next two auctions will
take place on February 22 and April 7 in London, W1.
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