News | Commercial Auction

Allsop’s November commercial auction raises £52m despite market headwinds

  • Allsop raised £52m from the sale of 90 lots at its sixth commercial auction this year
  • 14 lots sold at £1m or more
  • The largest lot to sell on the day was an industrial site in Scunthorpe (£4m)
  • The lots presented at the latest auction included two broken up portfolios, previously unavailable for purchase

Allsop, the UK’s leading auction house, raised £52m at its November commercial auction, having sold 90 lots across the UK, bringing the total raised in the past six weeks to £180m. Despite the challenging market conditions, further exacerbated by the mini-Budget and interest rate increases, buyers continued to show interest in a range of commercial property assets, including pharmacies, veterinary practices, nurseries, and roadside properties.

The November auction brings Allsop’s total sales for 2022 to over £488m, with 616 lots sold since the start of the year, and 163 lots selling for in excess of £1m, reflecting an overall success rate of 87%.

George Walker, Partner and Auctioneer at Allsop, said: “Despite the market uncertainty and the wait-and-see approach adopted by some investors in the aftermath of the infamous mini-Budget announcement, our team has raised a whopping £52m at our latest commercial auction – a testament to our ability to read the market and price assets in line with the expectations of our buyers, whilst ensuring the seller gets a fair price. In the current market environment, cash remains king, making us particularly well placed to transact and creating liquidity in an otherwise cautious market. We look forward to our final sale of the year next month.

 

Key highlights include:

  • Lot 65 – an industrial site of 9.7 acres let to International Automotive Components Group Ltd. until 2024, and the largest lot to sell on the day, at £4m (10.5% NIY)
  • Lot 8– a bank investment located in Tottenham, let to TSB Bank until 2027, sold for £1.33m (3% NIY)
  • Lot 10 – a veterinary practice in Beckenham let to Medivet Group Limited until 2032, sold for £1.57m (5.1% NIY)
  • Lot 17- a nursery in Harrow let to Monkey Puzzle Day Nurseries Ltd until 2047, sold for £1.41m (5.4% NIY)

Allsop’s next commercial auction will take place online on 8th of December.


Related Insights

Allsop’s July 17th Commercial Auction includes Oval Development Site
News 02/07/24

Allsop’s July 17th Commercial Auction includes Oval Development Site

Auction | Commercial Auction

Allsop’s latest commercial catalogue has attracted one of the most high profile development sites in South London at The Oval...

Allsop Commercial Auction averages over £1m per lot as £47m is raised
News 14/06/24

Allsop Commercial Auction averages over £1m per lot as £47m is raised

Commercial Auction

  40/41 Pall Mall sold at £10.8m in competition – the largest lot sold for 2 years 17 lots sold for over £1m Demand for the ...

Auctioneers underestimate the importance of good practices at their peril
Blog 06/06/24

Auctioneers underestimate the importance of good practices at their peril

Commercial Auction | Buying at Auction

It’s often said that change is the only constant, and over the past 5 years in the property auction market that has never fel...

Allsop Commercial Auction releases a London-centric June catalogue
News 29/05/24

Allsop Commercial Auction releases a London-centric June catalogue

Commercial Auction | Auction

The latest commercial auction catalogue has a strong London content with 12 lots being offered in Central London including Ma...