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 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.
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”.
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