A portfolio comprising hundreds of lock-up garages will be up for grabs at Lambert Smith Hampton’s (LSH’s) May auction.
The portfolio is being offered for sale on behalf of Orbit Group, a group of housing associations, and comprises a total of 342 lock-up garages in Warwickshire. Split into 18 auction lots, they have an overall guide price of more than £745,000.
“Six garage sites were offered at our auction in December and another site in February, as part of a rolling disposal programme. Now Orbit hopes to dispose of a bigger portfolio,” said LSH head of auctions Oliver Childs.
He added that some sites were likely to obtain planning permission for residential developments and would therefore attract interest from local buyers and high-net-worth individuals.
“Buyers for this kind of property might be private clients based in the area, close enough to easily carry out their asset management,” he said. “But speculators from London and other big cities might also see good opportunities and a financial gain here.”
A total of 78 lots will be offered at the 8 May sale, the biggest of which is a mixed-use retail and residential investment in Weybridge, Surrey.
The property, which is offered with a guide price of £2.7m to £2.8m, is partly let to retailer Laura Ashley for £113,000 per year, reflecting an initial 4% yield. It also includes six flats and has planning permission for seven more apartments.
The catalogue also includes 15 former advertising sites across the country offered on behalf of French multinational JC Decaux.
Childs said he hoped that these properties would attract “positive interest” from specialist buyers.
In May 2016, LSH raised £13m from a catalogue of 54 lots, reflecting an 84% success rate.