Allsop raises £45 million in July residential auction including Marylebone block of flats

Allsop, a leading property consultancy and the UK’s leading property auction house, raised £45 million at its two-day July residential auction, achieving a success rate of 80% with 184 lots sold.

The highest-value transaction was a freehold residential building comprising 25 flats in Marylebone (lot 164). Of these, 22 are sold off on long leases, two are subject to Assured Shorthold Tenancies, and one is vacant. Producing an income of £71,660 a year, the property sold for £2,000,000.

Richard Adamson, managing partner and residential auctioneer at Allsop, said: “Following the success of our June sale, which raised over £55 million, we are delighted with another very successful two-day sale. In what continues to be a challenging time for investors and developers alike, there is much confidence to be taken from this result. It reinforces the view that there remains strong appetite for well-priced, income-producing investments as well as value-add opportunities.

“We are seeing more buyers gradually return to the market to deploy capital in the residential sector. Those who continue to sit on their hands may well look back at this period as a missed opportunity. We are still taking instructions for our next sale on 17th & 18th September, which is already shaping up to be another large two-day event.”

Highlights from the auction include: ·

Lot 14: Hatfield, Hertfordshire – A freehold detached house, sold for £1,400,000

Lot 89: Battersea, London – A freehold mid-terrace building internally arranged to provide two self-contained flats, sold for £1,000,000, matching its guide price 

Lot 180: Stockport, Cheshire – A freehold block of nine new build, partially finished flats, sold for £1,800,000

Allsop’s next residential auction will be livestreamed and take place on 17th and 18th September.