Allsop has raised £61.3m and achieved a success rate of 74% from the sale of 217 lots from its 30 May residential catalogue, with sales still underway. The firm entered the ballroom of the Intercontinental London Park Lane Hotel with over £13m secured from sales prior.
Of the total raised, £48.7m was generated from properties located in the South-East. Of these, 100 lots with a combined value of £41m, were situated within the M25.
The most valuable lot to sell under the hammer was lot 33, an unbroken freehold building in Eton Avenue, Hampstead, London. Offered to the market for the first time in 20 years, this valuable investment was arranged as seven self-contained, six non-self-contained flats. Mainly let and producing over £181,000 pa it sold at £4.66m. Also in London, lot 196, a vacant freehold terrace comprising of three, two-bedroom flats in sought-after Chiswick sold at £1.7m
The largest sale of the catalogue achieved prior to auction was lot 66 a half acre site in South West London’s Colliers Wood. Currently occupied by eight, fully-let industrial units generating £101,650 pa, the site has the potential for redevelopment, subject to planning consent. Lot 185, a well-located block of flats with a house and planning permission to convert into three apartments and one, two-bedroom house on Long Acre, in the heart of Covent Garden, also sold prior to auction.
Indeed, investments with potential for redevelopment remain in demand. Lot 28, a freehold office building with an application for permitted development submitted to convert the site into 15 flats in Wembley, sold at £1.38m.
Gary Murphy, Auctioneer, Allsop said: “Over recent months, and at this sale more than ever, in room activity has become an effective combination of sales under the hammer and a race between bidders to sweep up lots that didn’t quite meet their reserves. It’s a curious and recent phenomenon, but in some cases unsold lots are achieving above reserve immediately after having been offered. It seems that initial timidity is giving way to a post-sale clamber for available stock.”
The next residential auction will take place on July 18th at The InterContinental London Park Lane, W1J 7QY.
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: https://auctions.allsop.co.uk/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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