£60m raised at first commercial auction of 2023

Allsop sold almost £39m worth of retail lots, with 21 lots having achieved a NIY of or below 5%; 16 lots were sold for £1m+. The largest lot sold at the auction was Lot 33 in Taunton, which comprises two development plots totalling 9.31 acres. 

Commenting on the February auction, George Walker, partner and auctioneer, said:

“We’ve successfully raised nearly £60m at our latest sale (the biggest one since before lockdown), which is just the shot in the arm that a nervous market has been waiting for. The February auction saw a broader-than-usual mix of assets, including ground rents, retail parades and standalone retail assets, sold on behalf of councils, asset managers, funds and a gambling company, offering cash buyers ample opportunities to secure attractive assets with income-generating potential.

“This result should provide the market with a much-needed boost of confidence as rates settle following the shocks experienced last year.”

Other highlights included:

• 8 out of 8 neighbourhood parades sold for Bromley Council for in excess of £6m
• 12 of 16 industrial ground rent Investments sold for Bournemouth, Christchurch and Poole Council for almost £6m
• 28 of 28 betting office investments let to William Hill sold for in excess of £5m

• Lot 1 – Walthamstow, E17. Comprising a shop, residential upper floors & parking to the rear. Sold for £780,000 (4.2%)
• Lot 5 – Barking. A large shop let to Boots UK Ltd until 2030. Sold for £2,550,000 (3.3%)
• Lot 14 – Twickenham. Comprising two shops and 13 flats. Sold prior to auction at £2,510,000 (7.45%)
• Lot 18 – Bloomsbury, WC1. Comprising a betting office with four flats above (2 vacant). Sold prior for in excess of £2,250,000 (5.5%)
• Lot 23 – Burnley. Comprising two industrial units totalling 39,343 sqft. Sold for £1,900,000 (9%)
• Lot 27 – Leeds. Comprising 11 light industrial units totalling 13,134 sq ft.  Sold for £1,320,000 (8.8%)

Allsop’s next commercial auction will take place online on 23^rd March; please visit the website for more information.