The catalogue was dominated less than in previous sales by distressed properties. These only made up 27% of lots on offer (50% in May). 68 lots were offered on behalf of the firm's in-house insolvency team.
In addition, over 100 lots were ground rent investments offered on behalf of a variety of property companies and private investors. These proved very popular with 96% selling (see yield analysis below).
Commenting on the result, auctioneer and partner Gary Murphy said "this was a great result given the challenging conditions of the market. From the rostrum it was clear that bidder sentiment had hardened since our May sales. Buyers are less willing to take risks than earlier this year and there's a general apprehension about the duration of the economic recovery. This is exacerbated by continuing restraints on new lending."
Average Yield Analysis Summary:
Assured Shorthold Tenancies 8.27%
Assured Tenancies 6.58%
Regulated Tenancies 4.19%
Ground Rents over 80 years 4.95%
Highlights of the two days included:
Lot 57 - Former Recording Studio, Lower Ground Floor, 282 Westbourne Park Road, Notting Hill, W11
A well located leasehold former recording studio. Possible potential for redevelopment to form a self-contained flat subject to obtaining all necessary consents.
Guide price: £150,000+ Sold for: £240,000
Lot 71 - 807/809 Commercial Road, Limehouse, London, E14
A freehold end of terrace purpose built building arranged to provide two shops, six x one bedroom flats and a two bedroom house.
Guide price: £800,000 - £900,000 Sold for: £1,065,000
Lot 98 - 9A-E Gauden Road, Clapham, SW4 6LR
A freehold double fronted building internally arranged to provide five self-contained flats. Each flat subject to an Assured Shorthold Tenancy.
Guide price: £1,250,000 - £1,350,000 Sold for: £1,300,000
Lot 102 - 1 Queens Row, Walworth, SE17 2PX
A freehold detached building situated on a site extending to 0.058 hectares (0.144 acres). To be offered with planning permission for change of use and extension to form fourteen self-contained flats.
Guide price: £600,000+ Sold for: £800,000
Lot 120 - 6 Osbaldeston Road, Stoke Newington, N16 7DP
A freehold mid terrace building internally arrange to provide twelve units subject to various tenancies on terms unknown.
Guide price: £500,000 - £600,000 Sold for: £550,000
Lot 201 - Former Depot, Butts Lane, Stone, Kidderminster, Worcestershire, SY10 4BL
A freehold site extending to approximately 6.9 hectares (17 acres) with planning permission for the 'conversion of existing buildings to provide twenty two live work units and nine affordable dwellings, business support facility for residents/community meeting room, additional new roof structures (buildings one and three), landscape renovation works including off-site highway works'.
Guide price: £200,000+ Sold for: £307,500
Lot 232 - 'Earlsdon House', Southesk Street, Brechin, Angus, Scotland
A heritable semi-detached building internally arranged to provide seven self-contained flats. One Ffat subject to a tenancy. Six flats vacant.
By Order of the Administrators
Guide price: £160,000+ Sold for: £180,000
Lot 287 - Former Technical College, Ladywell, Dover, Kent CT16 1EA
A freehold Grade II Listed former technical college arranged to provide fourteen self-contained maisonettes together with ground floor commercial premises extending to approximately 297 sq m (3,200 sq ft).
Guide price: £750,000+ Sold for: £1,000,000
Allsop's next Residential sale will be held on 14th and 16th September at The Cumberland Hotel, London W1. Entries are now invited. List closes 20th August.
Please click here to view the results.
For details of unsold lots which are still available view here.