Nelson Bakewell - General Sale - Nelson Bakewell Auction Raises Over £15.9 Million
Date: 17 Dec 2003
Nelson Bakewell's 8 December 2003 Auction Sale raised over £15.9 million with an overall success rate of 89%. Head of Auctions James Cannon said:
The demand for quality property investments remains unabated, with buyers from a complete spectrum attending the auction.
Lots of note were:
LOT 7: PERTH
168-172 High Street, Perthshire
A feuhold retail investment offered on behalf of clients AXA REIM UK LIMITED of 153.84 sq m (1,656 sq ft) comprising a single shop arranged over ground and first floors. The entire property is let to Variations Plc, trading as Past Times until 2010. The current rent reserved is £62,000 per annum. The property sold for £1,040,000, which equates to a net initial yield of 5.92 %.
LOT 9: CHELTENHAM
Oriel Lodge, Oriel Road, Gloucestershire
A freehold office investment sold on behalf of AXA REIM UK Limited of 478.79 sq m (5,154 sq ft) comprising a three storey plus basement period office building to the front linked to a more modern two storey office building to the rear. There are 17 car parking spaces to the side of the property. The entire property is let to Eagle Star Insurance Company Ltd for a current rent reserved at £45,750 per annum. The property sold for £700,000, which equates to a net initial yield of 6.18%.
LOT 10: EARLS COURT, LONDON SW5
188-190 Earls Court Road & 2 Spear Mews
A freehold reversionary retail, office & residential investment of 797.18 sq m (58,581 sq ft). 188-190 Earls Court Road is arranged on basement, ground and three upper floors to provide two retail units fronting Earls Court Road, two self contained office suites with separate access from Spears Mews and three residential flats. 2 Spears Mews, originally built as a house, is on three floors comprising a maisonette on the upper floors with the ground floor presently used as ancillary accommodation by the retail units. The current rent reserved at £170,500 per annum. The property sold for £2,510,000, which equates to a net initial yield of 5.1%.
LOT 25: SITTINGBOURNE
25 London Road, Kent
A freehold office investment of 1,824.22 sq m (19,636 sq ft) comprising an office building arranged on ground, first and second floors with 49 car parking spaces to the south of the property. The entire property is let to Eastgate Assistance Limited until2012 for a current rent reserved at £160,000 per annum. The property sold for £1,800,000, which equates to a net initial yield of 8.41%.
LOT 28 &30: CAMBERLEY
Former Magistrates Court and Land Adjoining Portesbery Road, Surrey
Lot 29 is a freehold vacant former magistrates court with residential development potential and lot 30 ia a freehold car park investment. The property comprises 249.53 sq m (2,685 sq ft) in total.
Lot 29: The property comprising a vacant single storey former magistrates court, which provides 2 court rooms, a large reception, waiting room, 3 WCs and associated accommodation and a separate detached cell block, providing 2 prison cells and 7 car parking spaces.
Lot 30: A roughly rectangular section of land (0.02 ha (0.05 acre) used as a car park for 8 cars which is let until January 2004 at £8,000 per annum.
The property sold for £700,000, which equates to £ 6.363million a hectare (£2,592million an acre).
The Auction was conducted in it’s entirety by Simon Parker and Darac O’Neill.
Nelson Bakewell's future 2004 auctions will be held at the Langham Hilton Hotel: -
Tuesday 17 February 2004
Monday 22 March 2004
Where do I go now?: » View the latest news items » View the news archive » Subscribe to Weekly Property Newsletter » Submit news
