A view of the current saleroom’s interior at Lots Road Auctions.

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The new site will allow the firm to increase its sales both in the room and online.

Auction room owner Roger Ross sold the freehold of the site, home to Lots Road for almost 40 years, to a consortium led by the Royal Borough of Kensington & Chelsea. The borough paid £10.5m for the site in the autumn.

Nick Carter, who now runs the business day-to-day after Ross stepped away from management two years ago, is looking at options.

Temporary premises

The firm, which is one of only a few that holds its auctions on a Sunday, has been offered two other buildings on the street that it could take on a permanent or temporary basis. Another possibility would be to return to a new building on its existing site after relocating for two years.

Carter said: “We are in negotiations and we have options and we are deciding what to do.”

Carter said the business is investing and expanding ahead of the planned move and in light of the closure of Christie’s South Kensington.

A full interview with Lots Road manager and senior auctioneer Nick Carter appear's in this week's Newsmaker