Savills raised £36m at its second auction of the month bringing the total raised by the company at auction in April to £80m.
The two sales saw 290 commercial, mixed-use and residential lots go under the hammer with the company achieving a success rate of 72%.
A trio of retail investment opportunities located on the Kings Road in Chelsea (pictured), sold for a total of £1.4m – more than £300,000 above their original combined guide prices – and a high-yielding freehold supermarket investment opportunity in Redruth, Cornwall, let to Iceland Foods, sold for £1.1m.
On the residential front, a mid-terrace property divided into two flats in Earlsfield, South West London, sold for £905,000 and an end of terrace building in Brixton, currently arranged as six self-contained studio units, sold for £875,000.
Steven Morish, from Savills Auctions, said: “We have seen sustained appetite over our last two auctions, despite recent global economic turmoil. While the strongest demand was felt most keenly at the low to mid-end of the residential market across both April sales, we continued to see some strong bidding on well-priced properties in prime UK towns, with many lots achieving in excess of their guide price. Not only does this reflect that buyers are still eager to transact and place their confidence in bricks and mortar, it also highlights sustained interest in the certainty that auctions provide.”
George Goucher, from Savills Auctions, added: “It’s clear to see from our April auctions that commercial investors are still keen to transact. While there was some hesitancy among bidders, we saw good levels of demand for income-producing assets backed by strong tenant covenants and opportunities that offer longer-term security and growth. Although there has been some unpredictability surrounding trade tariffs, investors are becoming more decisive, sentiment is shifting positively, and transactions are beginning to reflect a broader appetite for opportunity.”
