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 Keepers read bedtime 'tails' from London Zoo during closure
- 2 Jeremy Corbyn launches Peace and Justice Project with calls to action
- 3 O2 Centre: developer Landsec 'looking to re-provide' Sainsbury's
- 4 Arsenal boss Arteta worried about player burnout
- 5 Crouch End Vampires help feed homeless with soup kitchen fundraiser
- 6 Is lockdown working in north London? Here's what the latest data tells us
- 7 Arsenal column: Granit Xhaka the stand out performer since Boxing Day but some of his senior professionals continue to disappoint
- 8 Lord's Cricket Ground used as Covid-19 vaccination centre
- 9 Rebuilt Carlton Tavern will be 'heart of the community' say hopeful landlords
- 10 West Hampstead restaurant cooks for NHS carers
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”.
