Property auctioneers Barnett Ross are one of the largest independent auction houses in the U.K.
Established by John Barnett and Jonathan Ross in 2002 it specialises in the sale of both commercial property nationwide and residential property in London and the Home Counties.
The company’s founders have a combined 60 year’s expert auction experience between them.
Since their first auction in 2002 they have sold more than £1.7 billion of property throughout the UK.
One highly notable sale has been a block of 65 flats at Okehampton Close, Finchley, London N12 9TX for £20,425,000 in May 2018.
This was the highest value lot ever sold by auction in the U.K.
The company now currently hold 5 auctions throughout the year.
Auction Vital Statistics
At Barnett Ross’s first auction of 2019, investors showed no signs of Brexit fears as they fought hard to secure several popular commercial lots. 91% of properties were sold at the auction and total sales were recorded as £10.3M.
Highlights included the sale of Lot 19 - 185 Town Road, Edmonton, London N9 0HL. This vacant freehold mid terraced factory come workshop, with potential for development, eventually sold for £938,000. That’s double the reserve the executors were asking for it at £400,000.
A second sale - Lot 40, Tally Ho Apartments, 12 Highgate Road, Kentish Town, London NW5 1AS, also performed well. This freehold ground rent investment comprises of 33 flats, a supermarket and a shop producing £5,400 per annum and was offered with a reserve below £130,000. After fantastic 197 bids, this lot was knocked down at almost triple the reserve for £375,000.
The positive investor behaviour exhibited in this first auction continued at their second auction of the year at the Langham Hotel, 1c Portland Place, Regent Street, London.
Property sales at the auction on 16 May 2019 have now equalled 82% raising a total of £8,062,850.
This included Lot 1 – 136 Shenley Road, Borehamwood, Hertfordshire WD6 1EF. This mid- terraced freehold building contains ground floor florists producing £12,000 p.a. and includes separate rear access to a vacant four bed self-contained flat. It was sold for £556,000 – up from the £400,000 reserve price on behalf of executors.
A third sale included Lot 16 – 314 Whitehorse Road, Croydon, Surrey CR0 2LE. This former café in a freehold was very popular during the marketing period. It exists of a self-contained one bed flat above let on an AST and was sold for £263,000 - £73,000 above the guide.
Another sale saw Lot 18, of 109 High Street, Barnet, Hertfordshire EN5 5UZ, sold for £736,000, generating a yield of 6.5% above its reserve price below £700,000, making it the most expensive lot of the auction. This mid terraced freehold building comprised of a ground floor charity shop with a two bed flat above producing £47,600 p.a. The shop is occupied by the charity Willow, founded by the legendary former Arsenal goalkeeper Bob Wilson together with his wife Megs.
Barnett Ross is Regulated by RICS and former clients include the London Borough of Islington, the London Borough of Barnet, The William Pears Group of Companies, Helical Bar, BAE Systems Pension Fund, Baker Tilly, GVA and Colliers International.