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News Release

London

Jones Lang LaSalle returns to the rostrum with 80% success rate in latest auction


London, Tuesday 19 July - Jones Lang LaSalle has marked its return to the rostrum with £30 million of sales and an 80% success rate. The sale, which took place on Tuesday 12 July at the Le Meridien hotel on Piccadilly, W1, was the first for the former King Sturge auctions team under the Jones Lang LaSalle banner.

A catalogue of 54 residential and commercial properties located around the UK was offered at the auction, with 40 lots selling either before or on the day at an average price of £717,337.

Felix Rigg, Auctioneer and Director at Jones Lang LaSalle said: "The majority of the lots were debt recovery sales of both investment and vacant stock, on behalf of banks, receivers and administrators, so the results were price rather than sector led."

He added: "Our team is looking ahead very closely at this sector. We see that the buying market is not sector specific, so whether it is residential or commercial stock then we will sell it. Our aim is to develop further our name for selling good-value property, which in this market is pretty critical.
"Of course we want to sell large commercial properties, too, but with the commercial auction sector transacting 40% of the volumes it was doing in 2007 it is important for us to work in the present rather than the past."

Highlights from the sale included a residential investment in Pimlico, SW1, which was guided at £2.2 million and sold for £2.8 million - a 5.85% yield - and a freehold Grade II listed building in Huddersfield, West Yorkshire, which was offered with vacant possession. It sold on behalf of Hanover Housing Association for £455,000 off a guide off £300,000.

To complete the success rate, a Mitchells & Butlers pub, producing £90,000 pa, in Harrow, Middlesex, sold for £1.41 million, a 6% yield. It was guided at £1.3 million.

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Notes to Editors:
- The next Jones Lang LaSalle auction is taking place on Thursday 6th October 2011 at Le Meridien hotel, 21 Piccadilly, London  W1J 0BH
- For more information and to access the full online auction catalogue visit www.joneslanglasalle.co.uk/property-auctions or contact Felix Rigg on +44 (0)20 7087 5427