The north London based auctioneer McHugh saw a very good attendee turn out on the 26th February at BAFTA in London's Piccadilly. Some 47 lots were on offer and at the time of writing 38 had been sold raising £12,416,350.

Auctioneer Chris McHugh was understandably pleased with the outcome. He said: "Overall it was a very good auction and we had very healthy viewing levels on most lots. There is a shortage of stock at the moment and that influenced some of the sold prices we were able to achieve for vendors. I think there has been an upward confidence shift in recent weeks which many people may not have realised."

Lot 5 was a plot of land of 0.063 acres adjoining 10 Ferdinand St., Chalk Farm, London NW1 8ER with six lock up garages which saw very competitive bidding, Guided at £575,000 it eventually achieved a sold price in the room of £1,635,000.

"I cannot recall ever selling a lot which took almost thirty minutes before the hammer fell," said Chris McHugh. "The sale price certainly raised eyebrows when you consider it's for a block of garages and the plot does not have any planning permission for development. There is also an adjacent building with windows which will likely impact on the scope and subsequent end value for any future development."