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Thursday 24 July 2014
Media
Monday 19 December 2011

Allsop Residential Auction Reports "Most Buoyant Room" This Year

Market leading auction house close 2011 with bumper £41.2m 84% nine hour sale.

The Park Lane Hotel ballroom saw over 2,000 bidders attend Allsop's closing sale of 2011 yesterday. Of the 275 residential and mixed use lots on offer, a total of 229 were sold for a total value exceeding £41.2m. The 84% success rate was seen by many as a welcome boost for market confidence.

The mix of stock under the hammer was broad and ranged in value from £1,250 to £1.91m. In all seven lots sold for £1m or more. Of the lots that sold above reserve, 24.3% was the average excess achieved. Remote bidding was considerably up on recent sales. In all 147 lots (48% of those offered) received 210 remote bids. Of these 177 were telephone bids, 22 were proxy bids and 11 were on line.

"This was one of the most buoyant auction rooms we've seen all year" said auctioneer, Gary Murphy. "Bidding was very brisk on most lots right from the start. The scale of bidding increments is a good indicator of competition. And bids were frequently advanced in large leaps as less bullish buyers were quickly left behind. It was a great auctioneering experience."

REGIONAL ANALYSIS (ALL LOTS)

Regions

Lots Offered

Lots Sold

Total Raised

% Success

Av. Lot Size

M25

87

76

£21,938,250

87.36%

£288,661

South-East

55

49

£9,827,250

89.09%

£200,556

South-West

13

9

£830,500

69.23%

£92,278

Midlands & East Anglia

45

40

£2,557,200

88.89%

£63,930

North-East

4

1

£55,000

25.00%

£55,000

North-West

34

25

£2,045,000

73.53%

£81,800

Wales

4

3

£584,000

75.00%

£194,667

Scotland

7

5

£286,000

71.43%

£57,200

Yorkshire & The Humber

18

14

£649,000

77.78%

£46,357

Northern Ireland

8

7

£386,000

87.50%

£55,143

YIELD ANALYSIS

Property Type

Lots Offered

Lots Sold

% Success

Yield

Av. Lot Size

Regulated 

12

11

91.67

5.94%

£109,727

Assured Shorthold

46

37

80.43

10.05%

£87,730

Assured

4

3

75.00

5.00%

£114,333

Ground Rents (80 yrs+)

4

4

100.00

7.97%

£10,925

Sites with PP

5

5

100.00

-

£137,900

Sites without PP

24

22

91.67

-

£77,625

VACANT UNITS (INDIVIDUAL HOUSES AND FLATS)

Regions

Lots Offered

Lots Sold

% Success

Av. Lot Size

M25

37

35

94.59

£345,643

South-East

16

15

93.75

£250,733

South-West

2

1

50.00

-

Midlands & East Anglia

17

15

88.24

£101,500

North-East

1

0

-

-

North-West

13

12

92.31

£100,458

Wales

1

1

100.00

-

Scotland

11

9

81.82

69,889

Yorkshire & The Humber

8

7

87.50

£55,143

Highlights include:

Lot 14 - 7 Fremont Street, Hackney, London E9 7NQ
A freehold mid terrace building arranged as two self-contained maisonettes. Vacant.
BY ORDER OF A HOUSING ASSOCIATION
Sold: £815,000
Guide Price: £600,000-£630,000

Lot 25 - 91A/93/95A Cricklewood Broadway, Cricklewood NW2 3JG
Virtual Freehold/Freehold Mid Terrace Building
Internally arranged to provide a retail unit and 23 studio flats. Upper parts subject to a single lease at a rent of £120,000 per annum. Retail unit subject to a lease at a rent of £10,500 per annum
ON THE INSTRUCTIONS OF JOINT FIXED CHARGE RECEIVERS
Sold:
£1.165M
Guide Price: £1M-£1.3M

Lot 33 - 41 Christchurch Hill, Hampstead, London NW3 1LA
A freehold end of terrace (HMO) building arranged to provide a self-contained lower ground and ground floor maisonette and six studio units. Maisonette subject to a regulated tenancy, three studio units subject to assured shorthold tenancies and three studio units vacant. Producing £32,810 pa.
ON INSTRUCTIONS OF JOINT ADMINISTRATORS OF VENTRA INVESTMENTS LTD
Sold: £1.15M
Guide Price: £750,000-£800,000

Lot 73A - Flats A and B, 37 St Johns Grove, Upper Holloway, London N19 5RP
A freehold semi-detached building internally arranged as two self-contained maisonettes.
BY ORDER OF PEABODY
Sold: £920,000
Guide Price: £500,000-£600,000

Lot 73B - Flats 1-6, 19 Cathcart Hill, Tufnell Park, London N19 5QW
A freehold end of terrace building internally arranged as six self-contained flats.
BY ORDER OF PEABODY
Sold: £705,000
Guide Price: £650,000-£750,000

Lot 108 - Garages and Cottage to the rear of Hollybank, London, Muswell Hill, London N10 3TN
A freehold site currently occupied by a cottage and 32 lock-up garages. 29 garages subject to monthly licences, three garages subject to a commercial lease and cottage subject to an assured tenancy. Possible potential for redevelopment, subject to obtaining all necessary consents. First time on the market since construction.
Sold: £1M
Guide Price: £450,000+

Lot 126 - Westgate Court, 1 Linden Grove, Canterbury, Kent CT2 8AB
A freehold detached Grade II Listed building occupying a site extending to approximately 0.338 hectares (0.836 acres). Arranged to provide 19 units in two buildings together with ancillary accommodation and a manager's flat.
BY ORDER OF A HOUSING ASSOCIATION
Sold: £1.08M
Guide Price: £750,000-£850,000

Lot 187 - Sovereign Heights, 17 Weir Pond Road, Rochford, Essex SS4 1AH
A freehold purpose built block arranged to provide 12 self-contained flats. 12 flats each subject to an assured shorthold tenancy.
Sold Prior:
Guide Price: £1.0M-£1.1M

Lot 246 - Richmond House, 1-3 Richmond Place, Brighton East Sussex BN2 9NA
Freehold end of terrace building arranged to provide 15 self-contained flats centrally located in Brighton.
BY ORDER OF A HOUSING ASSOCIATION
Sold: £1.26M
Guide Price: £1.2M-£1.3M


Notes to editor

Allsop is an independent property consultancy with a market-leading reputation for high quality service, integrity and innovation. We are also well known as the UK’s largest and most successful auction house.  Our success is built on over 100 years’ experience in commercial and residential property consultancy and sales.

Contact

To arrange an interview or for the supply high resolution images or further information please contact Jennifer Mortimer
Jennifer.mortimer@allsop.co.uk
020 7543 6728

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