The national auction team at Lambert Smith Hampton (LSH) held its first auction of the year on the 20th February, raising £13 million, with a success rate of 93%. The 61 lot catalogue offered investors a wide range of asset classes from small parcels of vacant land to multi-million pound investment and development opportunities.
The auction took place at the Le Meridian Hotel, Piccadilly, London and it was clear from the packed room that many attendees were in ‘buying mode’.
Lot 1: 133 High Street Barkingside: Long leasehold (125 years), upper floor office space of 1346 sqft
Auctioneer Oliver Childs commented: “We took on this lot on behalf of one of the major UK banks who are looking at their property portfolio. It was one of a number of lots in this auction. Sometimes the bank will look to sell the entire freehold or alternatively offer a leasehold on the upper floors.
“In the case of Lot 1 this was the upper floor above the retail banking branch which were previously used as offices. Often the back office functions in high street banks have been centralised and the office space is surplus to requirements.