Allsop Residential finished the financial year on a positive note last week posting a £35m total and an 85% success rate from its 31st March auction sale. This brings the residential sales total for 2010/11 to £333m. The overall success rate for this period was 87%, substantially out-performing the UK auction industry average of 67%.
The sale was held at the Park Lane Hotel on Piccadilly, London, a new venue for the firm’s Residential auction department, although a regular venue for its Commercial team.
The catalogue comprised a broad mix of investment and vacant stock. Notably a larger than usual selection of ground rents went under the hammer, many with short dated reversions.
“These proved particularly popular” said auctioneer Gary Murphy. “These investments, some subject to leases having as little as three years unexpired, are often difficult to price accurately. Our reserves were modest which allowed the competition in the room to determine value.”
Regulated investments continue to sell well. In total, 22 were sold from a total of 29 located throughout the country. The average yield from this investment class was 4.6%.
The proceedings were interrupted in the afternoon by the hotel’s fire alarm, causing auctioneer, Chris Berriman to call for the several hundred bidders to vacate the hall and meet on Piccadilly.
“It’s the first time that this has happened in my career” said Berriman. “Fortunately, we were able to resume the auction within half an hour and pick up where we left off without losing momentum.”
At a Glance March 2011 Sale
|Property Type||Lots Offered||Lots Sold||% Success||Yield||Av. Lot Size|
|Ground Rents (80 yrs+)||17||17||100||6.2||£92,763|
|Sites with PP||7||6||85.7||–||£265,833|
|Sites without PP||5||4||80||–||£481,500|
Vacant Units (Individual Houses and Flats)
|Regions||Lots Offered||Lots Sold||% Success||Av. Lot Size|
|Midlands & East Anglia||5||4||80||£162,250|
Allsop March Auction – Regional Analysis (All Lots)
|Regions||Lots Offered||Lots Sold||Total Raised||% Success||Av. Lot Size|
|Midlands & East Anglia||48||41||£2,101,000||85.4||£51,244|
|Yorkshire & The Humber||13||10||£814,000||76.9||£81,400|
Highlights of the sale include:
Lot 22 – The Quays, Salford, Manchester, Greater Manchester M50 3TW
BY ORDER OF JOINT FIXED CHARGE RECEIVERS
Freehold Ground Rent Investment, secured on a purpose built block of 203 flats with 132 parking spaces. 25 yearly Rent Reviews by RPI. Landlord Manages and Insures. Total Current Rent Reserved £71,050 per annum.
Guide price: £1m – £1.25m
Lot 91 – Beau Apartments, The Coach House, Land and Garages, Kelsey Lane, Beckenham
Kent BR3 3NF
A Semi-Detached Bbuilding with Coach House, Garages and Land situated on a site extending to approximately 0.45 hectares (0.11 acres).
Guide Price: £900,000
Lot 103 – 13 Offerton Road, Clapham, London SW4 0DH
BY ORDER OF METROPOLITAN HOUSING TRUST
A Freehold Mid Terrace Building. Possible potential for redevelopment subject to obtaining all necessary consents.
In total, 160 parties viewed the building prior to auction.
Guide Price: £450,000 – £500,000
Lot 150 – Former Care Home, The Malthouse, Priory Street, Hertford, Hertfordshire SG14 1RG
BY ORDER ADMINISTRATORS
Freehold Grade II Listed Former Care Home (C2 Use Class). Previously registered as a Care Home for 48 occupants. (38 single rooms and 5 twin rooms.) Possible potential for redevelopment subject to obtaining all necessary consents.
Guide Price: £700,000 – £800,000
Lot 219 – 8 & 10 Hastings Avenue, Chorlton Cum Hardy, Manchester, Greater Manchester M21 9JS
BY ORDER OF JOINT FIXED CHARGE RECEIVERS
Freehold Pair of Semi-Detached Buildings arranged to provide a total of 12 Self-Contained Flats and Ancillary Accommodation. Possible potential to convert ancillary accommodation to provide 2 further flats subject to obtaining all necessary consents.
Guide Price: £900,000 – £1m
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.
If you are a member of the press and would like arrange an interview or for further information please contact Anna Jones
020 7543 6728