Strettons raised £10.9m at its February national property auction and reported a success rate of 84% of lots sold.
The company said numerous properties generated competitive bidding which resulted in several lots achieving prices significantly higher than their guide price.
Black Horse Yard – a freehold vacant site with development potential in Hayes, Middlesex – achieved £400,000 off a guide of £175,000 plus, and on Leigh Road in East Ham, a freehold vacant plot of land sold for £280,000 against a guide price of £45,000 plus. Currently a commercial site, the land has the potential for residential development, subject to planning.
There was strong demand for numerous residential properties in London including a vacant two/three-bedroom first floor maisonette in Canning Town, which sold for £214,000 against a guide of £150,000.
Strettons director and auctioneer Andrew Brown said: “It is good to get our 2024 auction calendar up and running and I am pleased with the results of the sale. Overall, I think our results continue to show that the right property at the right price will continue to find favour with investors. This is especially true if there is the potential to add value, which is why we saw such strong demand for our properties with development potential.”
Strettons’ next auction which takes place on Thursday 18 April 2024.
