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£7m auction of properties

from Cathy (cathyvpreece@aol.com)

South London Press

£7m auction of properties

Nov 26 2004
By Zara Bishop

AN AUCTION of council property is expected to net the authority more than £7million.

Twelve lots with a total guide price of £7,225,000 will go under the hammer to raise money for Lambeth council.

It is being disposed of as part of a £20million property sell off by the authority.

Camberwell-based auctioneers Andrews Robertson will be handling the sales in the New Connaught Rooms in Great Queen Street, Covent Garden on Thursday, December 9.

Bids are invited for a parade of 19 shops in Kennington Park Road and Kennington Road valued at £2.5million.

A former residential home with outbuildings including a bungalow in Garrad's Road, Streatham, has a guide price of £900,000.

Eleven shops in Wilcox Road, Vauxhall, were valued at £800,000 and four shops next to each other in Woodvale Walk, West Norwood, have a guide price of £190,000.

A commercial unit and the 11 shops beneath it in Lower Marsh and Launcelot Street are expected to fetch at least £500,000.

The rest of the portfolio of seven properties have a combined guide price of £2,350,000.

Councillor Ashley Lumsden, Lambeth council's executive member for finance, said: "We are looking to raise as much as we can so we can invest it in things local residents have told us they want to see improved.

"Resurfacing of roads, improvements in parks and improvements to people's homes are the three big areas we are keen to invest in."

(posted 7062 days ago)

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