- Allsop’s latest commercial auction raised £104.3m from the sale of 135 lots, of which 36 sold at £1m or more
- The September commercial sale featured a number of broken up portfolios, including veterinary surgeries, industrial assets and a range of premises let to Boots in a variety of locations across the country
- The largest lot to sell under the hammer was a freehold gym in Leeds let to PureGym, which was purchased for £3.4m
Allsop, the UK’s leading auction house, raised £104.3m at its latest commercial auction from the sale of 135 lots, of which 36 sold at £1m or above.
Buyers were able to choose from a mix of asset types, including retail, hospitality, industrial as well as pharmacies and veterinary surgeries, with retail investments making up circa 40% of all properties sold (down from the average of 65%).
Despite having launched its expansive September catalogue during a highly uncertain period characterised by rising interest rates and high inflation, Allsop achieved a remarkable success rate of 82.3%, demonstrating the team’s ability to price assets in a way that ensures optimal outcomes for both buyers and sellers.
George Walker, partner and auctioneer at Allsop, said: “The sheer variety of lots on offer at our September auction resulted in us attracting a raft of new buyers, who had been waiting for an opportunity to get their hands on some of the previously unavailable assets, many of which had been bundled up into portfolios and couldn’t be purchased individually. During tumultuous times, it’s only natural that investors want to diversify into other subsectors, which explains why we’ve sold fewer retail properties and more industrial assets.
“We’re pleased with the 82.3% success rate achieved at our latest auction – considering the size of our September catalogue and the overall economic situation, it’s a testament to our team and their ability to provide buyers and sellers with accurate and realistic pricing which reflects the market sentiment, resulting in positive outcomes for all those involved.”
Key highlights include:
- Lot 28 – a gym in Leeds arranged over 30,000 sq ft, entirely let to Pure Gym Limited until 2032, with RPI linked reviews, which sold at £3.41m (7.6% NIY)
- Lot 4 – a former house in Stoke Poges converted into a clinic, let to The Private Clinic CSC Limited on a new 20-year lease with no breaks, which sold under the hammer for £1.7m+ (5.2% NIY)
- Lot 9 – a supermarket in Freshwater, Isle of Wight, let to Sainsbury’s Supermarkets Limited until 2069 with no breaks, which sold at £802,000 (4.2% NIY)
- Lot 34 – a shop of 18,048 sq. ft in Burton on Trent, let to Next at £275,000 p.a. until 2032, sold for £2.2m (11.8% NIY)
- Lot 74 – a restaurant and six studio flats in Kingsland Road, near Hoxton station, sold for £2.45m (6.0% NIY)
Allsop’s next commercial auction will take place online on 1st of November.
