Savills - General - London,

Date: 05 Mar 2010

Competitive bidding at Savills' auction.

Savills has this week completed its first commercial auction of 2010 (Monday 01 March), achieving an overall success rate of 88%.

The sale took place in The Ballroom at Claridge's Hotel, London, W1 and offered 32 lots, of which 28 were sold.

Simon Parker, head of commercial auctions at Savills, comments: "The lots in our March auction generated some very competitive bidding which resulted in several of the properties selling for well over the asking price. Most noticeably we found local buyers competing against national investors and winning."

Properties of note include:
Lot 01 - 2-4 Wimborne Road, Poole, Dorset, BH15 2BU
This virtually freehold retail investment comprises the ground floor only of a larger mainly residential building and includes three parking spaces. Offered on behalf of Places for People the property is located in Poole on the east side of Wimborne Road in a mixed residential and commercial area. Totalling 1,325 sq ft (123 sq m), the property is currently let to Clive Gosling, trading as Bikelab until 2016 at an annual rent of £17,500. This lot sold for £197,000 to the tenant.


Lot 03 - 47 High Street, Hampshire, Winchester SO23 9BT
This freehold retail investment is located in the major retail and commercial centre of Winchester, an affluent Cathedral City just 62 miles from London. The Grade II listed brick building is situated on the pedestrianised High Street within the town's principal retailing area. The property features a ground floor shop with storage on the first and second floors and is let to JJB (Sports) plc until 2019 at an annual rental income of £92,500 per annum. This lot sold for £1,470,000 reflecting a net initial yield of 5.95%.


Lot 07 - Unit 17, Beecham Court, Pemberton Business Park, Smithy Brook Road, Wigan, Lancashire, WN3 6DA
Offered under instruction from LPA receivers, this property is set within a modern business park in Wigan and comprises a detached freehold office building. The building comprises three storey's, each floor is self-contained with an integrated kitchen and WC on each floor. Externally there are 37 designated car parking spaces. Currently let to Ashton Leigh & Wigan Primary Care Trust until 2018, the property generates and annual income of £132,500. This lot sold for £1,060,000.

Lot 13 - 1-5 Lillie Road, Fulham, London SW6 1TX
This freehold office investment is situated in a mixed residential and retail area of the London Borough of Fulham. The property is arranged over three floors and totals 2,486 sq ft (231 sq m) and has potential to be converted into three separate office suites or alternatively could suit a single user. Currently let to private occupiers Oliver Plummer till 2010 and Property Management & Investment Limited until 2019 the property generates an income of £66,692 per annum and is offered on behalf of Places for People. This lot sold for £640,000.

Lot 19 - 259-261 Holloway Road, Halloway, London
Offered under instruction from the Places for People, this virtually freehold retail investment features two prominent ground floor units in the London Borough of Islington. The property is located approximately 150 meters south of Holloway Road underground station directly opposite London Metropolitan University on one of North London's principal retailing destinations. Let to a local occupier the units total 3,105 sq ft (289 sq m) and generate £66,000 per annum. The leasehold is to be sold on a new 999 year lease from completion at a peppercorn rent. This lot sold for £600,000.

Lot 21-22 - 35 & 37 Cattledown Road, Plymouth PL4 0PG
This freehold retail and residential investment located in Plymouth, is situated on the east side of Cattledown Road, in a mixed residential and retailing area. The property comprises a pair of adjoining traditionally constructed three storey buildings arranged as two retail units on the ground floor with three flats above and to the rear and a further letting room. The current combine rent generated is £7,200 per annum. These property's sold for:
Lot 21: £86,000
Lot 22: £110,000



Lot 28 - Reef n Beef, 56 Seaside Road, Eastbourne BN21 3 PB
Offered under instruction from Places for People, this virtually freehold restaurant investment located in Eastbourne comprises the ground floor and basement of a former cinema building. The property totals 2,762 sq ft (259 sq m) and is currently let to a restaurant and bar trading as Reef n Beef and Sharky's 80's Bar. The property currently generates a net rent of £22,000 per annum and is to be sold on a new 999 year lease from completion at a peppercorn rent. This lot sold for £228,000.

Lot 30 - 32 - 28, 34 & 40 - 42 Pink Lane, Newcastle upon Tyne NE1 5DY
Offered for sale by Places for People, these three retail investments are situated on a prominent corner position to the north-west of Pink Lane off Westgate Road, the main thoroughfare through the city centre. All three properties are set within a mid-terraced three storey buildings and feature ground floor retail units with a combine net area of 1,850 sq ft (172 sq m). Each unit is let on four separate leases. 40 - 42 Pink Lane were previously configured as two retail units and are partially interlinked via an internal doorway. The combined current rent is £28,400 per annum. Each property is to be offered as a separate lot on a new 999 year lease from completion at a peppercorn rent. These lots sold for :
Lot 30: £75,000
Lot 31: £60,000
Lot 32: £114,000


Lot 34 - 2 Bridge Parade, Crickelwood Lane, London NW2 1HH
This leasehold retail investment is located in Crickelwood in the London Borough of Barnet, situated in a residential neighbourhood. The property comprises a single ground floor shop unit which is currently fitted out as an internet café and benefits from access for loading over a rear service yard. The unit is currently let to Mahamud Mohamed Hassan and generates £9,000 per annum. The adjoining retail units and upper floors are not included in the sale. This lot sold for £93,000.


Lot 43 - Salem Street Car Park, Bradford, West Yorkshire BDQ 4HQ
Offered on instruction from Places for People, this freehold car park investment is in the West Yorkshire town of Bradford. The property comprises a rectangular town centre car park, which is tarmaced and has in and out access from Salem Street. The site totals 0.11 hectares (0.27 acres) and accommodates 60 car parking spaces. It is occupied on a license producing £35,170 per annum. This lot sold for £292,000.

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