News - 27/07/2011

Summer auction: lots sell for far in excess of guide price

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Our July auction, the last before the summer break, saw a number of lots sell for far in excess of their guide price.

In particular, an old laundry in Hackney sold for £1.14m – more than double its guide price of £500,000.

Frantic bidding for laundry in Hackney

Simon Riggall, Head of Auctions, commented: “There was a huge amount of frantic bidding for the laundry and it eventually sold for in excess of £1.1m.

“At this stage it is unclear what the new owner of the former laundry will do with the property, but its prominent location and connectivity to the West End of London and Liverpool Street make it prime for redevelopment.”

Public sector properties performed well

The public sector lots also proved popular. On behalf of the London Borough of Havering, we sold land for double its guide price, and historic barns in Portishead were sold for £15,000 over their asking price. While one of Denbighshire County Council’s town centre car parks sold for £92,000.

Next auctions are in October

Our next auctions will be on 12 October 2011 in London, closely followed by a North West auction on 19 October 2011 and South Yorkshire on 20 October 2011. Lots are already being accepted for these auctions.

To view results please visit our auction website.


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