Highlights of the Barnett Ross Auction on 10th May 2018
Record breaking day for Barnett Ross
Barnett Ross hit the record books again at yesterday's Auction by successfully selling the highest value lot ever to be sold at a UK Auction at £20,425,000.
Lot A – Flats 1-65 Okehampton Close, North Finchley, London N12 9TX – This Freehold unbroken residential estate being offered on behalf of The Foyle Foundation comprising 65 Flats plus 30 Garages, with potential for additional development, located in this popular North London residential area, was guided at £16,000,000+.
The room was packed and all eyes were on the Auctioneer, John Barnett, as he introduced this Lot at approximately 1:00pm. A hushed silence fell as registered bidders competed for this property over a 20 minute period and the hammer finally fell at £20,425,000 – a new UK Auction record.
Other highlights include:
Lot 4 – 137 Milne Park East, New Addington, Croydon CR0 0BF – This Freehold shop with a flat above all let to Martin McColl producing £11,250 per annum sold for £290,000 – over double the Reserve! and a yield of 3.8%.
Lot 11 – 22 Fortess Road, Kentish Town, London NW5 2HB – This Freehold 4 storey building comprising a ground floor shop with 3 spacious self-contained flats above, producing £55,400 per annum was offered with a Reserve below £1,200,000 and sold for £1,670,000 generating a yield of 3.3%.
Lot 31 – 146-148 Burnt Oak Broadway, Burnt Oak, Middlesex HA8 0AX – This Freehold double Costa Coffee unit with 4 Flats above, producing £69,300 per annum, had failed to sell in March at another London Auction and therefore the clients were delighted that we were able to achieve a sale at £1,495,000, reflecting a yield of 4.6%.
Lot 10 – 126 Boundary Road, St John's Wood, London NW8 0RH – This vacant Freehold former Language School, in the same family ownership for 70 years, was offered with a Reserve below £800,000 and sold for £1,305,000.
John Barnett commented: "13 Lots were sold on behalf of Executors in yesterday's Auction. We are very pleased to have been entrusted with so many Executor Lots, which all sold above their Guides. Some of the high prices achieved yet again prove that open competition in the Auction room achieves prices well above what any Valuer would estimate."
Lots Offered 51; Lots Sold 48; Success Rate 94%, Total Raised £34,780,000.
Only 3 Lots still available.
The next Barnett Ross Auction will take place on Tuesday 17th July 2018.