Allsop raised a total of over £54m at their March residential auction last week, with an overall success rate of 71%.
The average lot size was £368,000 and five of the properties sold achieved in excess of £1million. The largest lot to sell was Lot 26 – a freehold former health centre with potential for redevelopment in Greenford, Middlesex – which sold for £2m, more than double the guide price of £900,000-£950,000.
Quality lots with redevelopment potential attracted considerable interest, such as lot 31, a mid-terrace office and retail unit in Staines with permitted development, which sold for £410,000 compared to the guide price of £295,000.
Gary Murphy, partner at Allsop, commented: “As ever the catalogue was very diverse, both geographically and with regard to the types of properties available, but the common theme was the importance of pricing. In particular, higher value assets and poorer quality lots, for which the pool of bidders is likely to be more limited, need keener pricing. Where lots were priced sensibly they saw competitive bidding, with many going under the hammer well in excess of the reserve.
“Having sold £17m in value prior to the action and with deals still being done on the remaining lots, the auction process has also proved a successful catalyst for sales before and after the event itself. Notably, distressed sales were at the lowest level for a number of years, which is a good sign of an improved economy.”
Additional highlights include:
Lot 8 – Paddington W2, London Two units in a Grade II listed building with planning permission to provide a single two-bed property Sold for £1.15m (guide £810,000)
Lot 39 – South Kensington, London SW7 A lower ground floor room with development potential Sold for £175,000 (Guide £150,000)
Lots 162 & 163 – Sheffield, South Yorkshire Two freehold buildings internally arranged to provide 28 student letting rooms Collectively sold for £925,000 (guide £900,000)
The full results can be viewed on our website.
Allsop’s next residential sale will be held on Thursday 25 May 2017 at the Cumberland Hotel, Great Cumberland Place, London W1. Entries are now invited.
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.
For details visit www.allsop.co.uk
- Where a guide price (or range of prices) is given, that guide is the minimum price at which, or range of prices within which, the seller might be prepared to sell on the date at which the guide price, or range of prices, is published.
- The reserve price is the minimum price at which the property can be sold.
- Both the guide price and the reserve price may be subject to change up to and including the day of the auction.
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