Allsop wraps up 2024 with £456m in commercial auction sales following £35m raised in December

• Allsop raises £35m at its latest commercial auction, resulting in £456m worth of commercial property sales in 2024
• Since the start of the year, the team has sold 576 lots, reflecting a success rate of 88%
• The largest lot sold in December was a vacant office building in Mayfair, acquired for in excess of £5.5m prior to auction
• Allsop has sold 131 commercial lots over £1m in 2024

Allsop, the leading property consultancy and the UK’s largest property auction house, raised over £35 million at its final commercial auction of the year.  

With close to 70 lots on offer, the auction was held online and resulted in a success rate of 71%. The largest lot sold was a vacant office building in Mayfair, which was purchased prior to auction for over £5.5 million.

Allsop’s final commercial auction of the year caps off an eventful year for the team, in which 576 lots have sold, totalling £456 million, reflecting a high success rate of 88%. In 2024, the price of an average lot sold by auction has increased to £790,000 from £685,000, and 131 commercial lots were acquired for £1 million or above.

George Walker, Partner and Commercial Auctioneer at Allsop, said: “Whilst the Prime Minister outlines his growth agenda, activity within the commercial property sector remains subdued with commercial volumes at lower-than-usual levels in the last quarter. We have, however, seen a surge of new entrants competing for commercial stock, which is commonly very price-sensitive.

“To have raised almost half a billion pounds in a year full of economic and political turbulence is testament to our fantastic team, and we look forward to welcoming in 2025 with continued hope and expectation.”

Commercial auction highlights include:

• Lot 40: Mayfair – a vacant office building comprising 5,696 sq. ft., sold for over £5.5 million
• Lot 11: Mansfield – a supermarket let to Farmfoods Ltd on a new 20-year lease at £120,000 p.a., sold for £1.75 million reflecting a 6.4% yield
• Lot 14: South Kensington – a restaurant and three flats let at £119,812 p.a., sold for £1.81 million reflecting a 6.2% yield
• Lot 39: Bristol – an industrial estate comprising seven units totalling 13,646 sq. ft., let at £162,520 p.a., sold for £1.7 million (£125psf cv)

Allsop’s next commercial auction will take place online on Thursday 6th February 2025.