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Record Collector: Auction department that really do hold the sales record!
Despite an article suggesting auction records were recently broken by the sale of a single property in Hove for the amount of £2,100,000, Parsons Son & Basley are very proud to be able to confirm that it is in fact themselves who are the ‘record holders’ of such a feat as during 2011, their very own auction department sold a single property in Norfolk Terrace, Brighton for the amount of £5,700,000, some £3,600,000 more than the article had suggested!
The property, which was sold to a London investment company, consisted of 106 units and comprised of 84 bedsits, 19 studios and a 2 bedroom annex within the grounds and at the time produced a yearly income of just under £635,000.
Auctioneer Simon Caplin believes this particular sale represents the highest amount any auction department in Brighton & Hove have ever achieved for a single residential investment.
“Properties such as this are very much a one off as it is not often buyers will be able to collect such a high rent each year literally under one roof,” explained Simon who thinks it will take a very special building indeed to eclipse the record price his department were able to achieve, however he says he is more than happy to accept the challenge!
For details of Parsons Son & Basley’s next auction please visit www.psandb.co.uk/latest-auction