There were 41 lots on offer, of which 37 sold – a success rate of 91% which raised over £12 million.
Oliver Childs, Head of Auctions for Lambert Smith Hampton, comments: "The final week of marketing before the auction provided us with a clear signal that the sale was likely to be well attended. We didn’t anticipate such a busy room though! It is clear that the correctly priced stock that we are able to offer continues to attract a cross section of professional and entrepreneurial buyers as momentum in the commercial market continues. On average, properties sold for over 40% above the reserve price."
•Total raised £12,023,000
•41 lots offered, 37 lots sold
•Sale success rate 91%
•2015 success rate 92%
Lots of note:
Lot 2: O2 Academy, Westgate Road, Newcastle, NE1 1SW. Freehold city centre (music venue) ground rent investment property. Seller: Newcastle City Council. Reserve £645,000. Sold for £915,000.
Lot 7: Erith Snooker Club, 5 Pier Road, Bexley, DA8 1TA. Virtual freehold established snooker hall. Reserve£200,000. Sold for £305,000.
Lot 13: Former Aberdare Girls School, Cwmback Road, Brecon, CF44 0NF. Freehold school campus on 2.87 acre site. Seller: Rhondda Cynon Taf Council. Reserve £100,000. Sold for £415,000.
Lot 20: McQueen House, 79 Silver Street, Reading, RG1 2SU. Freehold detached commercial building with parking. Seller: Pension fund. Reserve: £415,000. Sold for £860,000.
Lot 36: Pendower Hall, West Road, Benwell, Newcastle upon Tyne, NE15 6PY. Freehold historic mansion house refurbishment project set in 3.4 acres. Reserve £400,000. Over 100 bids received. Sold for £816,000.
The client mix in the auction as a percentage of lots offered was as follows:
Banking/receivership/trustee/pension fund: 18%
Utility company: 7%
Public sector: 40%
Property company: 35%
About LSH Auctions:
We are a market leading auction team specialising in the sale of commercial and residential property by public auction.
T: +44 (0) 207 198 2000
11:00 12th October 2051
To be held at Millennium Hotel, Grosvenor Square, London, W1K 2HP