On 27th and 28th February Savills auctions raised £71 million from the sale of a record-breaking catalogue of 350 lots. The sale was the first Savills live-streamed auction to be held over two days and achieved a success rate of 74%.
Yesterday’s auction marked a significant uptick in demand of higher value lots, with 13 lots selling for over £1 million. So far this year, Savills has sold almost half the lots valued upwards of £1 million on the rostrum across all property auctioneers
Strong bidding was seen across the residential scene, with highlights including a six-bedroom detached house in Slough, presented close to build completion (Lot 182) achieved a hammer price of just shy of £2 million. Neighbouring terraced properties in Walthamstow (Lot 130 and Lot 129), suitable for a variety of uses including family home or separate self-contained flats sought £925,000 and £895,000 respectively. In Islington, a pretty three bedrooms terrace house with a rear garden (Lot 144) sought £325,000 over its guide of £775K. A freehold, Victorian townhouse in East Dulwich (Lot 71) achieved a hammer price of £1.05 million after a series of competitive bids between end users, investors and developers.
Meanwhile, in the commercial arena, a freehold office investment (Lot 211) located to the east of the Olympic Park sold in excess of its £2.4 million guide, while a duo of offices (Lot 217 and Lot 218) in Clerkenwell sought hammer prices of £990,000 and £1.09 million. In Twickenham, a freehold corner investment opportunity comprising of a ground floor shop, basement and a self-contained one-bedroom flat (Lot 43) achieved £1.148 million – over £400,000 more than its guide.
Outside of London, a high-yielding bank investment (Lot 216) in Stoke-On-Trent, producing £125,000 per annum, sought a hammer price of £820,000.
Commenting on the success of the sale, Jeremy Lamb says; “Yesterday’s results outperformed our expectations with over £71 million raised from our first ever two-day sale which featured a record number of quality residential, commercial and mixed-use lots nationwide.
With a total of over £140 million raised from the first three sales of the year, we've seen a remarkable 60% increase compared to the same period in 2023. This achievement truly underscores the dedication of our team, the ongoing success of our live-stream auctions and the enduring confidence in the market.
The marathon sale was primarily driven by sellers aiming to meet their disposal targets before the financial year's end. Now that this deadline has passed, it will be intriguing to see how the landscape shifts. We anticipate a continued interest from motivated owner-occupiers, developers, and investors eager to capitalise on current market values and stable interest rates as we move into spring."
Savills next auction will be held on 19th March. Highlights of the upcoming sale include:
College House, Howard Street, Barrow-In-Furness, Cumbria LA14 1NB – Guide Price £1,650,000
A high yielding, multi-let office opportunity producing £284,255 per annum (net rent) in the centre of Barrow-in-Furness. Arranged across three floors, the property provides 37,019 sq ft of accommodation used predominantly as office suites.
The Baring Arms, 55 Baring Street, London N1 3DS – Guide Price £1,300,000
Freehold period pub situated within attractive and high-value residential area of Islington. Let on a new 10 year lease from 2022, the property consists of a recently modernised ground floor, private patio and opportunity to develop the upper floors into residential dwellings.
Flat 29 Nevern Mansions, 44 Warwick Road, Earls Court, London, SW5 9TL – Guide Price £900,000
A two bedroom second floor flat forming part of an attractive mansion block in Earls Court. It offers approximately 1300 sqft and a private balcony, as well as lift access. It is presented in clean decorative order throughout. Vacant upon completion.
Flat 31 Princes Court, 88 Brompton Road, Knightsbridge, London, SW3 1ES – Guide Price £850,000
A two bedroom fourth floor flat over approximately 874 sqft, benefitting from a 24 hour porter is presented in clean decorative order throughout. Located in prime central London, the property is , well located for the amenities and transport links of Knightsbridge and opposite the world famous Harrods department store. Vacant upon completion.
Preliminary lots for the forthcoming catalogue can be found here.
For more information on Savills Auctions, visit www.auctions.savills.co.uk