Savills raised nearly £100m from its auctions in May, after its second in the month generated £47m in sales.
During the latest event, held on 29 and 30 May, 178 commercial, mixed-use and residential properties went under the hammer.
Leading the auction was a freehold former pub, occupying a prominent corner position in Holland Park, W8 (pictured). The site, which has planning permission for conversion into a four-bedroom house, sold for £2.5m.
Savills noted a strong appetite for mixed-use investment opportunities and high-yielding stock. A mixed-use retail and residential investment opportunity on Camden High Street, producing £139,000 per annum, sold before the auction “well in excess” of its £1.6m guide price.
In Cheltenham, Gloucestershire, it sold two lots on behalf of the same vendor and achieved a combined 40% increase on the guide price. One of those lots, which consisted of four conjoined stores let to Ladbrokes, sold for £502,000. The second lot, comprising two adjacent retail spaces let to the same tenant, sold for £441,000.
Standout residential sales included the sale of a five-bedroom detached house in Halstead, Essex, which sold for a hammer price of £810,000. In Balham, SW12, a Victorian end-of-terrace property in need of modernisation sold for more than £1.2m – £260,000 above its guide price.
Director and auctioneer Gary Murphy said: “Despite the announcement of a general election, there were no signs of hesitancy among buyers at our late May auction, which produced more tha £47m. In fact, activity levels rivalled recent months, reflecting sustained buyer confidence.
“Year to date, Savills has raised more than £350m at auction, 50% up on the same period in 2023 – a testament to the dedication of our team and enduring appeal and success of our online, live-streamed sales.”
Image © Savills
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