Savills raised more than £52m at its fourth auction of the year on 18-19 March, bringing the total raised at auction in Q1 to more than £221m – a 13% uplift on the same period last year.
Seven lots sold for more than £1m, including a 0.9-hectare freehold site in Egham, Surrey, comprising 16 industrial units which received more than 195 bids before it sold for £2.405m – more than 140% above its original guide price.
In Sevenoaks, a recently developed office let to Bel UK on a new 15-year lease, sold prior to the auction for in excess of its £3.3m guide price, and in Beaconsfield, a freehold mixed-use building comprising ground-floor commercial premises, a self-contained two-storey flat and a rear outbuilding, sold for £795,000.
On the residential front, the Grade II listed Homestall Manor in East Grinstead sold for £3m and in Islington a three-bedroom penthouse apartment (pictured) sold for £200,000 more than its £1m guide price.
Nicholson Boyd, director at Savills auctions, said: “Our mixed-use catalogues have continued to garner interest from savvy investors turning to auctions as a way of buying commercial assets, reaping the benefits of fair market value together with a transparent and efficient method of sale. The two-day sale illustrated some good levels of demand for commercial assets, with a number of big ticket sales taking place countrywide and notable appetite shown for larger investment opportunities and turn key stock. The total value of commercial sales across the sale exceeded more than £98m across the quarter – an increase of 157% versus the same period in 2024.”
Gary Murphy, director at Savills auctions, added: “We are thrilled to have bought down the hammer on more than £220m across the first quarter of the year. Despite a more challenging and price-sensitive market, residential assets in prime UK towns and cities have continued to achieve strong prices; an indication that buyers continue to see property as a secure investment. We’re already busy working on our next catalogue for the first of our two sales that will be held in April which will continue to serve strong client demand.”
