Highgate property sale exceeds pre-auction estimate by more than a third
The Highgate property is currently a mixed-use building - Credit: Archant
A mixed use property in Highgate, ripe for residential conversion, reached the highest price at a national auction, achieving £1 million pounds over its pre-auction estimate.
The property on the corner of South Grove and Swain's Lane - Credit: Archant
The building is in the heart of Highgate Village on the corner of Swain’s Lane and South Grove directly opposite Pond Square.
It currently contains a storage warehouse, nursery and some residential units spread over the 5,242 sq ft floor area and was sold for £3.75 million.
The average selling price at the auction was c. £780,000.
The property produces current income of £54,000 per year from these businesses and residents, so the sale reflected an income yield to the purchaser of just 1.4 pc if the new owner continued renting it for the same purposes.
If the building were made entirely residential the value is likely to increase further. leading to speculation that planning permission will be sought for conversion of the whole building.
The Stephen Graham Property Partnership offered the property for sale along with auction house Acuitus.
Most Read
- 1 'Unimaginable loss': Father and daughter stabbed to death in north London
- 2 Covid-19: Omicron cases confirmed in Haringey and Barnet
- 3 Covid-19: Omicron variant case confirmed in Camden
- 4 Camden Market has major makeover with new cinema, shops and food stalls
- 5 Barnet chemist named independent pharmacy of the year
- 6 Masked-up Boris Johnson poses for selfies at Wood Green care centre
- 7 Hampstead Heath to host first Christmas Fayre
- 8 Two people flee in Finchley flat fire caused by faulty radiator
- 9 Stunning light trail wraps up Kenwood like a giant Christmas present
- 10 Highgate's new butcher offers wine pairing and cooking advice
Auctioneer Richard Auterac, commented: “This is an attractive and substantial property in an excellent location. it attracted bidders who saw the long-term potential for residential conversion”.
