Savills gets off to flying start as first 2017 sale raises £64m

Savills has notched up its best auction result in a year - raising £64m in its first sale of 2017.

It was the best result since last February, when £69m was raised. Of the 215 lots offered, 173 were sold, reflecting an 80.5% success rate, compared with 86% last February.

“It’s a fantastic result. We had a really good catalogue and a really busy room,” said Chris Coleman-Smith, national auctions director at Savills.

“It gives the auction market a lot of encouragement. Each year is different, but after everything that happened last year, I think it’s a really reassuring start for 2017 - and not just for Savills. Hopefully, other auctioneers can take heart as well.”

The star lot was Cintra House in Crystal Palace, south-east London, a four-storey building arranged as 15 flats on a 0.6-acre site, which was sold for £4.3m against a guide of £3.25m.

Another significant lot was John Garnett House, a large house and former vicarage in Whitechapel. The four-floor building, which comprises 5,970 sq ft of mixed-use office and residential and has planning permission to provide four residential dwellings, was sold for more than £2m.

Strong appetite to ‘add value’

Coleman-Smith said there was strong appetite among buyers to “add value to properties, whether they do developments or not”.

Two properties owned by Thames Water also attracted a lot of attention from bidders. A former waterworks building in Hampton, west London, was sold for £1.9m, while a warehouse in Marlow, Berkshire, exceeded its guide price by £575,000, selling for £925,000.

Meanwhile, a three-floor, five-bed terraced house in Kentish Town, London, sold for £1.2m; a 1,435 sq ft two-bedroom apartment in Bayswater, west London, sold for £1m; and an unmodernised house of multiple occupation in Whitechapel sold for £1m.

Savills’ next national auction will be held on 29 March at the Marriott Hotel in Grosvenor Square, London.

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