Andrews & Robertson smash the £120m barrier
Andrews and Robertson raised almost £11m at its December 13 auction passing the £120m mark for the year as revenues rose from £97m in 2009 to £124m in 2010. Notable December sales include: — A portfolio of LPA receiverships well located in North London areas of Hackney, Tottenham, Stamford Hill and Haringey raised £1,882m off total guide prices of £1.69m. — 11 properties offered for Southwark Council producing just over £2.025m from a collective guide of £1.980m. — Seven homes sold for just over £1.697m for Lambeth Council from a collective guide of £1.45m. They included a double fronted terraced house in West Dulwich SE21 with development potential that achieved £497,000 off a £360,000 guide price. — Nationwide three properties offered on behalf of The Treasury Solicitors in Newcastle upon Tyne, Bridgend Wales, and Workington Cumbria made £167,000 for from a collective guide of £130,000. — Properties sold for an average price of £203,000 at the latest auction held at London's Grand Connaught Rooms, a figure well within the financial reach of many private investors. Revenues closed at £10.8m on the day. — A total of 61 out of 89 secondary commercial and residential lots sold - a 70% success rate. Robin Cripp, auctioneer, said: "We expect this to rise to well over 75% and around £12m very soon." — Realistically priced virgin stock from local authorities and private vendors sold strongly both in and beyond London. Though the market remains largely London-centric, there were notable sales in Cumbria, Wales the North East of England, Reading and Datchet. Andrews and Robertson auctioneer, Robin Cripp, commented: "There is investor appetite across both the secondary commercial and residential sectors for realistically priced stock, and our wide range of assets offered on behalf of local authorities, LPA receivers, corporate clients, property companies and private vendors continue to generate serious buyer interest. "Our sale demonstrates that for the right property and at the right price there is strong investor appetite." Robin Cripp said: "It is such an achievement to turn around an independent firm in this way within two years. Our team have worked extremely hard on behalf of our vendors and our commitment to producing the best possible results for them remains at the forefront of all we do. "We believe in giving every property its best possible chance of selling and are focused on this outcome rather than being exclusively protective of our success rates. "In this auction one property, previously withdrawn by a leading auction house 2 months ago in the belief it could not reach in excess of its guide price of £280,000 on the day, was sold by us for the London Borough of Southwark for £309,000. Staying by our clients remains our No.1 priority. "We are now working with clients for our next auction in 2011.