There was standing room only at Savills residential auction today as art lovers from the UK and around the globe chased a rare chance to buy a piece of history.
The former home of Vincent Van Gogh, on the market for the first time in 40 years, went under the hammer at the Northumberland Hotel, WC2, sale, guided at just £475,000.
The unassuming three-bedroom end of terrace home was eventually bought by a South East Asian buyer who jetted in and out as soon as the gavel fell on 87 Hackford Road, Stockwell, SW9.
The investor paid £565,000 for the Grade II-listed home, which has an English Heritage blue plaque.
Savills’ catalogue offered a total of 151 lots. Some 132 sold, reflecting an 88% success rate. Revenues totalled £35.7m.
Yields on regulated tenancies averaged 6.6% and 9.4% on ASTs. Prices averaged at £270,000.
Demand was weighted towards London and the South East. However, local investors seeking double digit yields also bought lower value stock in Northern regions.
Owner-occupier demand for unmodernised residential stock in attractive London locations with potential to add value also pushed prices upwards, demonstrated by the £1.9m achieved on largest lot of the catalogue, a semi-detached Victorian villa overlooking Wandsworth Common, SW18. It was guided at £1.5m-plus. Lot 51, 4-6 Cadogan Square, SW1, a prime central London investment incorporating five flats, sold for £.17m, off a quide of £1.3m.
Auctioneer Chris Coleman-Smith said: “Funding is more easily secured on residential properties and there is a bit of a swing to residential investment which is perceived as being less risky while buyers percieve there is less ‘good’ commercial stock coming to the market.”