Savills raises £54m in early September auction

Savills sold £54m of property in its early September auction last week, representing a 72% success rate across commercial, residential and development lots. Savills has now sold more than £530m of property so far in 2024, up almost 50% on the same period last year. The latest sale showed continued demand for well-priced stock, prompting competitive bidding and producing prices well above guides. A commercial investment in Scarborough (main image) and a former care home in Harrow (below) sold for more than £1m. Highlights from the auction on 3-4 September include: A retail unit in Scarborough with the ground floor let to TK Maxx on a 10-year lease and a vacant 14,500 sq ft first floor, which sold for just over £1m, well in excess of its £750,000 guide price.  A former care home in Harrow arranged as bedsits over three floors, totalling 4,090 sq ft, which sold for £1.3m on a guide of £700,000.  A one-bed ground-floor flat with a private rear garden, which sold for £645,000. A retail investment in Hammersmith, W6, let to the British Heart Foundation, which sold for £836,000.  A Grade II listed mid-terrace, mixed-use property in Clerkenwell, EC1, arranged as a ground-floor commercial unit with residential rear and upper parts, which sold for £695,000. A three-bed, mid-terrace house in Putney, SW15, which sold for £925,000.  Savills said: “The stability in the market across the last few months has continued, with potential increases in bidder activity still on the horizon, if and when interest rates continue to decrease.” The firm’s next sale is on 24 and 25 September. Images © Savills