Allsop achieved an outstanding result at its first commercial auction of the year, raising £84m and achieving an 81% success rate. Defying perceptions of a challenging market, Allsop saw 22 lots selling above £1m at an average of £2.4m, and delivered its highest ever price for a single lot under the hammer at £12.4m.
The property, lot 87, was one of the most sought-after investments offered; a freehold office and residential investment that is home to The Lady magazine at 39-40 Bedford Street, Covent Garden. The 11,140 sq. ft. building, received considerable interest from over 20 parties and competitive bidding in the room.
The second highest lot to sell at auction was lot 85, a long leasehold car park investment in Marylebone. Located moments from Regent’s Park, the 75-space car park with a total area of 28,914 sq. ft, sold for £3.9m. Its sale strongly reinforces the increasing demand for alternative investments, another example of this was lot 81, a Mercedes dealership in Weston-super-Mare. The 14,048 sq. ft. property currently has a gross yield of 7.85% and sold well above the guide at £2.6m.
The appetite for mixed-use assets was as strong as ever, for example lot 86, a parade in Goring-by-Sea was also sought-after on the day. Comprising of six shops, an office and thirteen flats, situated near the West Worthing Rail Station and close to the seafront, the property sold for £2.8m 7.25%
George Walker, Partner and Auctioneer at Allsop said: “We were delighted to see strong investor appetite and solid competition for retail assets at our first sale of the year. In spite of ongoing uncertainty in the UK market, the auction room was full of buyers chatting and competing with each other; the mood amongst investors was buoyant. One lot in particular saw a dozen people bidding in the room and online, before selling to a bidder on the phone.”
The full results can be viewed on the Allsop website.
Allsop’s next commercial sale will be held on March 26th 2019 at The Berkeley Hotel, Wilton Place, London SW1X 7RL.
