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Andrews and Robertson’s September success

publication date: Nov 20, 2012
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Residential lots with London postcodes, virgin stock, keenly priced small development sites, buildings in need of upgrading and ground rent investments offering long term value, all sold strongly at Andrews and Robertson’s first sale of the autumn. 
Regional investors flocked to the Grand Connaught Rooms, where a keenly priced portfolio of 18 residential and commercial properties offered on behalf of Swindon Central Properties Limited sparked competitive bidding. 
On the market after a period of between 33 and 58 years in the same ownership the virgin stock proved popular with local buyers looking to asset sweat their investment, 13 of the 18 properties sold under the hammer and one post auction, a 73 per cent success rate raising £1.38m alone. 
Success rates on the day closed at 66 per cent after 75 out of 115 residential and secondary commercial properties sold. Post sales pushed figures to £12.4m and 70 per cent within days. 
Robin Cripp, proprietor and senior auctioneer, said, “Investors remain price sensitive and though demand for London residential property is notably strong we were delighted to find that where buyers perceive regional property has been priced to reflect value, then there was strong demand and some very good results. 
“With lending on secondary commercial property still at a low and concerns about occupancy while the retail sector remains under pressure investors are also continuing to put security high on their list of requirements. 
“Even in the residential sector when properties are located in regions such as Liverpool where the local economy is under pressure, it can prove difficult to engage with buyers unless the risk is reflected in the price.” 
Andrews and Roberson’s next auction will be in Russell Square, London, on 5 November.