Allsop's March 2023 commercial auction results

Summary of March auction results:

• Lots sold to date: 82
• Total raised to date: £52.6m
• Success rate: 75% (average success rate of 85% since the start of the year)
• Over £44m of retail property sold
• 12 lots achieved net initial yields of or below 5%
• 13 lots sold for in excess of £1 million, with eight sold at £2m+
• The largest lot to sell at auction was lot 23 in Orpington – a neighbourhood parade comprising 35 shops and four maisonettes, purchased for £4m+ (7.4%). 

The year so far: 2023 vs 2022 at a glance

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

“The last two weeks have thrown yet more hurdles in the way of financial markets, and whilst some investors hesitated, many carried on building their portfolios for the long-term, making their cash work for them through well-secured real estate. With the bank rate having risen to 4.25%, one would hardly expect the market to pay that for a let investment, but this is the yield we achieved for the Boots in Streatham, sold at £2.75m, to a buyer who was keen on the long-term residential upside offered by this asset”

March property highlights

• Six out of six neighbourhood parades sold on behalf of London Borough of Bromley for a total of £9.5m  
• Four out of four shops in Wood Green let to tenants including Bank of Scotland plc, TRAID and Clarks, sold for £6.7m+
• 27 out of 27 betting office investments let to William Hill sold for a total of circa £4.6m
• Lot 6 – a freehold mixed-use leisure and office investment in Woolwich, partially let to JD Wetherspoon plc until 2044, sold at £2.36m (5.46%)

Allsop's next commercial auction will take place online on 20th April. For more details visit our commercial auction pages