Allsop raises over £100 million in one week from commercial and residential property auctions

• Allsop has raised £100m via its residential and commercial auctions
• £60.4m raised in commercial auction (84% success rate) and £46.5m in residential auction (80% success rate)

Allsop, the UK’s largest property auction house, has raised more than £100m in one week through its May commercial and residential auctions.

Following its residential auction on 11 May, held for the first time since before the pandemic in the ballroom, which raised £46.5m, Allsop’s commercial property auction on 17 May has gone on to raise a further £60.4m for its investors.

To date, a total of 83 lots have been sold at the commercial auction, representing a success rate of 84%. At the residential auction, 135 lots sold via the hybrid in-person and remote bidding process, representing a success rate of 80%.

Commenting on the May commercial auction, George Walker, partner and auctioneer, said: “Agents are widely reporting low deal volumes and ever lengthening transaction times, so it is refreshing to report a solid auction market where we raised the most since September last year – the recent peak of £130m in one sale. As always, the breadth of stock sold touched nearly every sector, with strong demand for the best retail, industrial and alternatives which include two nurseries let to Busy Bees with buyers chasing yield. There were some strong prices paid with a quarter of the lots selling at 6% or better, once again confirming the cash that investors are ready to deploy for the right investment.”

Highlights from the commercial auction included:

• Lot 8 – An attractive Grade II listed shop investment in Cheltenham, sold for £1.216 million (5.9%)
• Lot 21 – Three shops in St Albans with ancillary accommodation above and a large yard to the rear, sold for £2.41 million (3%)
• Lot 39 – A multi-let industrial estate in Ipswich, comprising 14 units totalling 30,421 sq ft, sold for £2.46 million (9%)

Allsop’s next commercial auction will take place online on 6^th July, with further information available online here.

Scott Tyler, Senior Partner at Allsop, said: “That we have raised more than £100 million in one week is a testament to Allsop’s reach across the UK property sector. Our market-leading auctions teams have unparalleled depth of vision into the commercial and residential markets by virtue of transacting so many deals, providing our clients across auctions and private treaty a much more up-to-the-minute analysis of what is shaping investor interest. Both the residential and commercial auctions teams’ success, whether ‘in the room’ or online, demonstrates the importance of understanding exactly where the market is, including pricing, and providing best-in-class advice to clients based on that insight.”

Richard Adamson, partner and residential auctioneer said: “Representing our largest May sale since 2019 and our best success rate for almost a year, our most recent auction and our first back in the room since pre-pandemic reflects both the attractiveness of the auction sale and our reach within the market. That we and our commercial auction colleagues have together raised more than £100m in one week demonstrates that there is cash out there for property priced correctly, and adds to our understanding of the markets across the UK.”