Allsop has posted a £61m sales total from its 26th October residential auction, bringing the total for the year to date to £376m. The result brings the combined residential and commercial auction total to £868m so far, this year.
The catalogue presented a broad choice for bidders. In particular, residential development opportunities proved popular. Lot 16, a freehold site in Clapham North, for example, offered on behalf of South London and Maudsley NHS Trust, sold for £3.44m from a guide of £3m. Adjacent to Lambeth Hospital and formerly used as a rehabilitation centre and office, it had potential for a scheme of townhouses. And lot 38, a 5,000 sq ft office building in Dartford, Kent, guided at £700,000, raised £860,000. Subject to a permitted development application, Ukams House has potential for conversion to 12 apartments.
Competition was stiff in the auction room for good quality investments in the regions.
Gary Murphy, Auctioneer and Partner at Allsop commented: “This was a very varied catalogue by value and location. We experienced strong demand for well-priced stock. Good quality investment opportunities outside London were fought after.”
Lot 50, Savoy Court in Stanningley near Leeds, which comprises 18 flats all let and producing £119,000 pa was knocked down for £1.59m (7.5%). Similarly, lot 251, 16 student flats in Cardiff, 14 let on assured shorthold tenancies and two vacant, were knocked down for £1.18m. Sold on a single lease and producing £172,664 pa, this city centre investment known as Westminster House, shows an initial yield of 14.6% – and with two units still to let.
“Despite widespread acceptance that the higher end of the central London homes market has cooled off, we saw strong bidding for single units in the mid price ranges up to around £2m,” said Murphy. Lot 17, a purpose built flat in Vestry Court, Westminster raised £800,000 and lot 71, a freehold maisonette in Burnaby Street, Chelsea made £1m.
At a glance
|Property Type||Yields||Average Lot Size|
|Property Type||Average Lot Size for Single Vacant Units|
|Within the M25||£565k|
|UK excluding M25||£140k|
October’s auction achieved a 70% success rate. The full results can be viewed on our website.
Allsop’s next residential sale will be held on Thursday 14th December 2017 at the Cumberland Hotel, Great Cumberland Place, London W1. Entries are now invited and will be accepted up until 20th November.
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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