Latest commercial property news from Lambert Smith Hampton

Auction Gavel

Spring auction: 100% of stock sold for UK banks, funds and LPA receivers

22/05/2012

Our first auction at Claridge’s saw all of the lots for UK banks, funds and LPA receivers sell.

Lots from this sector comprised of a mixture of residential, office, industrial and retail space and accounted for approximately 40% of the catalogue.

Investors acquire assets at attractive prices

Explaining why these lots proved so popular, Oliver Childs, Head of Auctions, said: “Vendors have had to accept that any upturn in the market may be some way off and consequently have priced their properties appropriately. This led to a flurry of interest from cash-rich investors who are not constrained by a lack of funding and are able to take the opportunity to acquire assets at very attractive prices.”

Overall 78% of the lots featured in the 14 May auction sold, raising £4.4m.

Former school sold for over 30% of guide price

On behalf of Northumberland County Council a former Grade II listed grammar school in Hexham was sold to a private individual for £430,000 and a derelict mansion owned by Denbighshire County Council achieved a sale price 30% over its guide price.

To view results from our May auction please visit our auction website. Our next auction will be on 16 July 2012 at Claridge’s in London.

For further information relating to this news article contact 

Contact us now

Oliver Childs
Head of Auctions

020 7198 2284

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