Allsop Commercial Auction Team releases May catalogue with a focus on London

The Allsop Commercial Auction Team has released it first catalogue of the new Financial Year, having signed off with a £66m auction in March.

The average lot size continues to be high, with 22 lots priced in excess of £1m spread throughout the UK from an office investment in London EC1 to Burton on Trent where we are offering the Marks and Spencer, let at £549,000 p.a.

There is a strong theme of London lots, including a portfolio of 13 shops and residential property in north London being offered, 9 of which in one parade which is being split. There are 22 lots in London being offered of cumulative guides of £21m.

London highlights include:

• Seven Sisters Road, N7 - Nine shops with residential uppers in popular North London suburb, to be offered separately. Guide Prices from: £600,000
• Lot 24 - Frith Street, Soho, W1D - Iconic ‘Bar Italia’ café in the heart of Soho, benefiting from a favourable trading licence. Let at £175,000 p.a. Guide Price: £2.5M+ (7.0% GIY)

Regional highlights include:

• Convenience Stores - Ten convenience stores / supermarkets, tenants include Tesco, Asda, Co-Op, Farmfoods, Iceland & One-Stop. Guide Prices from: £350,000

• Lot 27 - Burton-upon-Trent - Marks & Spencer department store of 71,804 sq ft, let on a new 3-year lease at £549,000 p.a. In occupation since 1977. Guide Price: £2m+ (27.5% GIY)

George Walker, Partner and Auctioneer commented: “The last 12 months saw reasonable volumes in our market where trading was down by just 10% year on year, the reduction was largely due to the absence of the substantial portfolios that we sold last year. Whilst the market has become fixated on a drop in rates, buyers are getting used to this new normal and happily investing their cash in real estate. If a rate reduction does come before the Summer, we are not expecting a massive shift in buyer sentiment, but a continuation of satisfying their demand for sensibly priced stock, we can then achieve sales in competition. That is what auctions are best at!”

The next commercial auction sale is on 2nd May, online. View the full catalogue.