News | Auction | Commercial Auction
July 2023 commercial auction results
- Lots sold to date: 57
- Total raised to date: £42.4m
- Success rate: 65%
- 12 lots sold for in excess of £1 million, with 5 sold at £2m+
The largest lot to sell was undisclosed for over £4 million, as well as lot 31 in Bradford guided at £3-£3.25 million – a multi-let 32,640 sq ft city centre office building, majority let to NHS Property Services, which sold for a price approaching £3 million.
The year so far
|
Lots sold by July |
415 |
|
Total raised by the end of July |
£252.4m |
|
Overall success rate |
87% |
Commenting on the July auction, George Walker, Partner and Auctioneer, said:
“Given the industry-wide slump in transactions and the barrage of unsettling headlines we’ve all been subject to on a daily basis for the past few months, the market environment remains challenging. Notwithstanding that, buyers are still prepared to pay a premium on assets offering strong and reliable income streams in good locations across the spectrum once they’ve done their research and feel comfortable to commit.
“Accurate pricing is more important than ever, and we remain in constant dialogue with our active buyers, who along with the sales data prove to be an invaluable source of information which allows us to continue delivering high volumes of transactions despite the market headwinds.
“We expect to see a continuous repricing of assets over the course of this summer as interest rates rise look set to rise, delivering over 5% risk-free cash returns on deposits. It’s never been more important for real estate assets to be priced correctly to offer attractive returns to investors.”
Other highlights included:
- Lot 10 – An attractive Grade II listed shop & residential investment in Cheltenham, sold for £2,000,000 (8% GIY)
- Lot 24 – A convenience store and flat in Wiltshire, let to Bestway Retail Limited until 2037, sold for £380,000 (5.65% GIY)
- Lot 30 – A supermarket in Haywards Heath, let to Iceland Foods Limited until 2024, sold £1,270,000 (6.7% GIY)
- Lot 58 – A shop in Birmingham, let to Coffee #1 Ltd until 2036, sold for £558,000 (7.3% GIY)
Allsop’s next commercial auction will take place online on 19th September, please visit the website for more information