Big-ticket resi lots help Savills raise over £40m at latest sale

The sale of a number of big-ticket houses helped take the total raised at Savills’ third national auction of the year over the £40m mark.

Although the £40.8m raised at the 9 May auction was £13m below last year’s total, the catalogue was much larger last time when 230 lots went under the hammer.

Last week, Savills sold 128 of the 164 lots offered, reflecting the same 79% success rate that was achieved this time last year.

The latest auction result brings the total raised by Savills in 2017 to more than £150m, which Chris Coleman Smith, director, national auctions, said was “on par” with this time last year.

Houses valued at between £700,000 and £1m were among the largest lots in the catalogue, which featured both residential and commercial properties.

Owner-occupiers have definitely become more prominent compared with a year ago - Chris Coleman Smith

“While there were probably fewer buy-to-let investors bidding, owner-occupiers have definitely become more prominent compared with a year ago,” said Coleman Smith.

The largest lot sold on the day was a detached house in Northwood, Middlesex. Guided at £1.3m, it eventually sold for £1.43m.

The 3,100 sq ft property is located between the Sandy Lodge Golf Club and the Moor Park Golf Club and sits on half an acre of land.

Largest lot goes unsold

A seven-bedroom Georgian house with rear garden in the South Bank area of London sold for £1.08m from a £950,000 guide price.

Also in central London, a three-bedroom mid-terrace house in Chelsea was guided at £900,000 and sold for £970,000.

However, the largest lot offered did not sell. The property - a 5,409 sq ft former GP surgery premises and adjoining land in Shepherd’s Bush, west London - has planning permission for nine luxury flats and two ground-floor offices covering up to 12,260 sq ft. Originally guided at £4.25m, the lot is now available at a guide price of £3.9m.

A former garage with planning permission for a mixed-use four-storey building sold before auction for an undisclosed sum. The property had a guide price in excess of £2.5m.

The next Savills auction will be held on 19 June at the Marriott hotel in Grosvenor Square, London.

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