Auction Properties Property News | Good sales for Savills

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Good sales for Savills

10/19/2009 11:18:00 AM

Savills enjoyed strong sales at its fourth commercial auction of the year on Monday at the ballroom of London's Claridges Hotel - the auction house achieved an 80% sale rate and raised £6.76m from 16 lots...

This was an improvement on its July sale in which it raised £6m.

Simon Parker, head of commercial auctions at Savills, said: "In line with the wider UK investment market, our October auction saw strong and competitive bidding for realistically priced lots that offered either secure income and robust covenants or vacant stock with asset management potential."

The sale saw Savills sell seven of eight care home lots in the 20 lot catalogue.

Notable lots included lot 2, the leasehold of a community centre in Bounds Green which is let to the London Borough of Haringey on a new 25 year lease.

The 2,435 sq ft property was sold for £210,000 at a net initial yield of 5.4%.

Another was lot 5, St Clare House, a vacant 29 bedroom care home in Kingston-Upon-Hull. The 13,692 sq ft property was sold by Anchor Homes for £680,000.

The biggest lot of the day was lot 7 a 12,090 sq ft office building in Camden which sold for £2.58m.

Source: www.propertyweek.com