Barnett Ross sets UK online auction record
A consortium of overseas investors has bought a London residential block for £12.35m, making it the largest lot to sell in an online auction in the UK.
Barnett Ross offered the investment in flats 2-60 (even), Gisburn Mansions, Tottenham Lane, Hornsey, N8, in a bespoke single-lot auction on 28 July.
The unbroken block of 30 flats produces £569,237 per annum, including the vendor’s ERV, and was guided at £12.4m. Twenty-six flats are let on ASTs, one on a regulated tenancy and three are vacant. The property had been in the same family ownership for more than 50 years.
A consortium of overseas investors has bought a London residential block for £12.35m, making it the largest lot to sell in an online auction in the UK.
Barnett Ross offered the investment in flats 2-60 (even), Gisburn Mansions, Tottenham Lane, Hornsey, N8, in a bespoke single-lot auction on 28 July.
The unbroken block of 30 flats produces £569,237 per annum, including the vendor’s ERV, and was guided at £12.4m. Twenty-six flats are let on ASTs, one on a regulated tenancy and three are vacant. The property had been in the same family ownership for more than 50 years.
Auctioner John Barnett said there were two registered bidders for the online auction, but only one party bid on the day.
“It was cheap enough for them, but not for others. The purchaser was acting for a group of overseas investors, who intend to break it up and resell the flats.
“The vendor had added two extra floors and that was the maximum they could do for the property short of breaking it up to sell off the flats. The next people will do that.”
The sale price is the highest achieved for a single lot in an online auction sale in the UK, according to EIG data, and adds to the record previously set by Barnett Ross in 2018 for the highest value lot sold in an auction room. Okehampton Close, N12, comprises 65 flats and was sold on behalf of charity the Foyle Foundation for £20.425m.
Both lots had the same East Finchley-based joint agent, George Eckert.
Barnett Ross will hold its next full online auction on 14 September.
Veteran auctioneer John Barnett said he is not planning a wholesale move back to in-room auctions following the lifting of Covid restrictions because of the “economy and efficiency” of online sales.
“I don’t think it will go back to the room, except perhaps for the occasional, spectacular lot where the client wants the publicity,” he said.
“The economies and efficiencies of online auctions have, to me, opened up the market and made it more acceptable to a wider audience. That has to be good for the client.”
Barnett said there were many more bidders online than there ever were in the room or phoning into the room. He said he misses going into the West End on auction day, but not the costs of booking the hotel room and printing the conventional catalogue.
“I don’t think regular in-room auctions will be needed. At the moment, online has replaced the conventional system in a way no one would ever have expected. Yes I would love it to go back, but online has replaced and opened up the conventional auction market.”
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Picture courtesy of Barnett Ross
