This week saw Allsop achieve incredible results at their recent online commercial auction with a 94% success rate. Strong bidding helped to raise £3.2m, sending a positive message to the wider commercial market at a time of political and economic uncertainty.
One of the standout performers of the auction was Lot O9 in Liverpool, a parade of shops and flats, which exceeded the reserve by over £200,00, raising £700,000. Lot O9 achieved the highest single value of the day.
Competition during the auction was strong with Lot O1 in Brighton receiving 50 bids – the highest number recorded on the day. The straightforward process and the ability to be able to bid from the comfort of a home or on the move encouraged strong competition.
Almost 30% of all buyers were new to purchasing an asset at auction, with 20% having previously purchased a residential asset with Allsop, and 53% a commercial asset.
Analysis on the day also revealed 67% of the buyers purchased a property outside of the region they are based in, indicating positive sentiment for investment in the regions.
Patrick Kerr, Partner, Commercial Auction at Allsop said: “Investors have shown that after the summer period, in what was our second commercial online auction, that strong demand remains for well-priced properties which present good asset management opportunities.”
“We saw some ferocious bidding between three separate parties for a mixed-use parade in Liverpool which after having a reserve not to exceed price disclosed as £500,000, sold for £700,000. This was the largest lot yet sold by Allsop via the Online Auction platform and demonstrates that investors are not deterred from purchasing larger lots online.”
The next commercial auction will take place on the 16th October at The Berkeley Hotel, SW1.
Notes to editor
About Allsop auctions
Allsop run the largest property auction departments in Europe through two highly experienced residential and commercial teams and is the UK’s number one auction house by transactions. We offer a wide range of lots covering residential vacant and investment properties, ground rents, land and development opportunities and secondary commercial lots. A minimum of six commercial and seven residential sales are held every year. Visit: http://www.allsop.co.uk/our-services/auctions/selling-at-auction/
Allsop is an independent property consultancy with a market-leading reputation for high quality service and integrity, covering the UK from our offices in the West End, the City, Leeds and Brighton. In addition to our position as the UK’s largest and most successful property auction house, we offer an extensive range of services for residential, commercial and mixed use property.
We have the people, the skills, the experience and the drive to maximise value for our clients in any given market and like to do business in our own distinctive Allsop style – open, friendly and honest. Clients appreciate this, which is why so many stay with us over the long term.
In an unpredictable world, Allsop remains a reassuringly constant source of market knowledge, insight and expertise. Visit: www.allsop.co.uk
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