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Our second Commercial Auction of 2012 was held on Tuesday at The Park Lane Hotel on Piccadilly. We offered 122 lots for a wide range of vendors including Anglian Water, Central Bedfordshire Council, Enterprise Inns plc, Grainger plc, Prupim, Punch Taverns plc, PWC LLP, Your Move, Rugby Estates plc, Receivers, Trustees and Private Investors. 

At the time of writing we have sold 92 Lots, raising approaching £42.5 million and reflecting a success rate of 75.4%. To have exceeded the total raised from our last auction by approximately 13% whilst equalling our highest auction day success rate in over 12 months, was a very satisfying result in what remains a challenging market. To date in 2012 (compared to 2011) we have sold 176 lots (190 in 2011), raising £84.7m (£108.2m in 2011), reflecting an overall success rate of 77.5% (86.3% in 2011) with 22 properties achieving £1 million or more (37 in 2011). 

The trend continues to show a comparable number of lots being offered at a lower average lot size. It is the continued wide range, high volume and high success rates of our market leading sales that provide us with the unrivalled knowledge of buyers and current market conditions, and enables us to continue to outperform the market.

Our March auction was again well attended by a high number of new, predominantly cash, purchasers from around the world, together with internet bidders from as far afield as Hong Kong. There was strong bidding for long and secure income, as well as the more high yielding opportunistic properties where value can be added. This resulted in some exceptional prices being achieved, with those lots sold under the hammer achieving on average 12% above their reserves.

  • Some notable highlights from our March auction include
  • Average Lot size £464,242 (£478,351 in February).
  • Largest Lot sold under the hammer was Lot 92 – Hounslow – A Freehold Shop Investment offered on behalf of Receivers. Sold for £1.68 million
  • 55% of all Lots sold were located outside of London and the South-East.
  • 13 out of 16 Lots located within London sold.
  • 7 out of 7 Lots let to Tesco Stores Limited sold. Lowest yield (5.8%)
  • 9 Lots sold for £1 million or more (10 in February).
  • 26 out of 32 Lots offered on behalf of Receivers sold.
  • Lot 6 – Wimbledon – Attractive
  • Shop (uppers sold off) let until 2021 at £52,500 pa. Sold £780,000 (6.36%).
  • Lot 14 – Bethnal Green – A Multi Let Office Building. Sold £910,000 (5.66%).
  • Lot 61 – Esher – Attractive Shop and Flat let at £15,000 pa. Sold £316,000 (4.5%).
  • Lot 62 – West Drayton – Let to Tesco until 2031 (TBO 2021) at £69,000 pa. Sold £1.11 million (5.88%).
  • Lot 85 – Crawley – A Multi Let Freehold Parade of Shops with Offices Above. (On behalf of Receivers) Total rents £154,850 pa. Sold £1.34 million (10.9%).

We are now taking entries for our next Commercial Auction which will be held on Monday 21st May and ideally we require instructions confirmed by Friday 13th April. Future auctions will be held on Wednesday 11th July and Tuesday 16th October. 

To view the results click here

Notes to editor

Allsop is an independent property consultancy with a market-leading reputation for high quality service, integrity and innovation. We are also well known as the UK’s largest and most successful auction house.  Our success is built on over 100 years’ experience in commercial and residential property consultancy and sales.


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020 7543 6728