Allsop raises £68 million in October residential auction

Allsop, a leading property consultancy and the UK’s largest property auction house, raised £68m at its two-day October residential auction, achieving a success rate of 78% with 186 lots sold.

The highest-value asset to sell at the October auction was a freehold student housing block comprising 155 rooms, producing a total gross rent of £746,000 p.a., situated within 100 meters of Coventry University Technology Park and 500 meters from Coventry University’s main campus (lot 190). The property was initially guided at £2m+ and ultimately achieved a sale price of £4.65m.

A diverse selection of residential lots was presented to bidders, including a former office building with development potential in High Wycombe, a mid-terrace property comprising 18 fully let units generating £256,220 p.a. in Paddington, and a block of 10 self-contained flats in Farringdon, London, yielding over £268,000 annually.

Richard Adamson, Managing Partner and Residential Auctioneer at Allsop, said: “Following the success of our September sale, which raised over £68m, we are delighted with another stellar result just a month later, raising over £68m with a success rate of 78%.

“Due to uncertainty around the impending Autumn Budget, some investors are acting cautiously and choosing to hold off on purchases until there is greater clarity on the government’s taxation plans. For others, the current environment presents an opportunity to secure well-priced, high-quality assets. We look forward to releasing our November catalogue this week for what is shaping up to be another large two-day sale.”

Highlights from the auction include:

• Lot 33: Harlow, Essex – a freehold site with planning permission for 26 dwellings guided at £1.65m, sold for £2.33m
• Lot 23: Notting Hill, London - a well-located freehold building internally arranged to provide five one-bedroom flats, producing a rent of £75,300 p.a., sold for £2m
• Lot 72: Peckham, London – two freehold adjoining buildings internally arranged to provide eight self-contained flats, producing a rent of £90,600 (from five flats), sold for £2.53m

Allsop’s next residential auction will be livestreamed and take place on 20th and 21st November.