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.
You may also want to watch:
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 Royal Free ITU nurse who swapped the Caribbean for a Covid ward
- 2 Camden's Levertons to arrange the funeral of Prince Philip on April 17
- 3 Primrose Hill to close at night this weekend after antisocial behaviour
- 4 Hampstead, Highgate and Primrose Hill beer gardens reopening on April 12
- 5 Nazanin Zaghari-Ratcliffe: Wait for second verdict could last 'until Easter'
- 6 The questions council 'must answer' after spending £23m on £10m office
- 7 Hampstead to trial unobtrusive electric vehicle charging points
- 8 Lockdown easing April 12 live updates: North London shops and pubs reopen
- 9 How a 'terrifying' Hampstead spree of robberies was brought to an end
- 10 Pressure mounts on Jose Mourinho Spurs as his former club Man United
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”.
