Allsop raises £61.3m at October residential auction

Allsop, a leading property consultancy and the UK’s largest property auction house, raised £61.3 million from the sale of 262 lots (representing a success rate of 94%) at its latest two-day residential auction.

The highest value lot sold consisted of a freehold detached building arranged as 28 self-contained flats which was purchased for £3.7 million, reflecting a GIY of 8.85%.

Allsop has also released a new residential auction catalogue ahead of its next auction in November, featuring 150 lots. 14 lots are guided at over £1 million with a wide range of residential and mixed-use investment and development opportunities across the UK on offer, including a freehold four-storey building in Fitzrovia with planning permission, guided in excess of £1.6 million.

Richard Adamson, residential managing partner and auctioneer at Allsop, said: “Our two-day October auction, which came only three weeks after our record-breaking September sale which raised over £90 million, proved to be another hugely successful event. Any concerns running up to next week’s much-anticipated Autumn Budget have been alleviated with over 2,500 buyers registering to bid at the auction. There still seems to be plenty of appetite from investors, especially for well-priced income-producing assets and value-add opportunities. We have now released a new catalogue which features 150 high-quality lots and anticipate a busy couple of weeks in the lead-up to the sale.”

Allsop’s residential auction has raised £525 million so far this year.

October auction highlights included:

• Lot 26: Harlow, Essex – a freehold detached building arranged as 28 self-contained flats, fully let, producing an income of £326,000 per annum, sold for £3.7m, reflecting a GIY of 8.85%
• Lot 9: Maidstone, Kent – a freehold block of flats internally arranged to provide 40 flats, sold following bids from more than 20 registered parties for £3.45m, reflecting a GIY of 8.13%
• Lot 110: Skegness, Lincolnshire – an unbroken street of 19 freehold houses producing an income of £110,856 per annum, sold for £1.25m, reflecting a GIY of 8.87%
• Lot 185: Kirkby, Liverpool – four freehold blocks of flats comprising a total of 16 self-contained two-bedroom flats, sold for £1.1m, reflecting a GIY of 6.04%

Allsop’s next residential auction will be held online via livestream on 7th November, and the complete catalogue can be viewed here.