London restaurant sale gives Barnett Ross a taste for success

Barnett Ross raised £16m at its latest auction last week, helped by the sale of a restaurant and two flats in Islington for almost £4m.

The total was slightly down on the £17.1m raised in May 2016 and the success rate was also marginally down.

The London auction house sold 42 of the 47 lots offered in its catalogue, reflecting a success rate of 90%, down from 96% this time last year.

However, the highest value item at last week’s sale sold exceptionally well. Guided at in excess of £3m, the Islington property sold for a bumper £3.9m, reflecting a 3% yield.

Blind waiters

The ground floor is let until 2020 to Dans Le Noir?, a restaurant brand that offers a ‘sensory eating experience’ where customers sit and eat in complete darkness, served by blind waiters. The concept was launched in France in 2004 and today there are branches in several global cities.

Another significant lot was a four-storey residential building with two self-contained flats in Maidstone, Kent. The 2,758 sq ft property had a reserve price below £725,000 but eventually sold for £880,000, reflecting a 5.7% yield.

Also in Kent, a mixed-use retail and residential parade in Orpington sold before the auction for an undisclosed sum. It had a guide price of in excess of £800,000 and an annual income of £41,500.

With the exception of an auction in December 2016, when an 83% success rate was recorded, all the Barnett Ross sales over the past two years have achieved success rates of more than 90%.

The next sale will be held on 19 July at the Radisson Blu Hotel in Portman Square, London.

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