Despite fluctuating market conditions, Allsop has raised more than £40m and achieved a success rate of 88% at its May commercial auction. Hosted using its successful online-only platform, investments received a strong amount of interest from bidders, with 13 high value assets selling for £1m or more.
Some of the strongest investment opportunities received multiple bids in the run up to the auction, with 10 lots, raising a total of £16.8m selling prior to the day including lot 19 in Tottenham which sold a £7,000,000.
The highest value investment to sell on the day was lot 15,at 774 Barking Road, Upton Park London E13, an attractive property comprising of two ground floor shops, two offices and three flats. The investment sold for £2.05m, well over the guide price of £1.7m, with an NIY of 6.08%.
Investors bid competitively for assets with the potential for redevelopment and also paid strong prices for well let investments offering safe and long-term income, competing keenly in the Convenience Store sector.
Lot 18, a multi let office in Farnborough demonstrated the demand for added value potential, having sold at £1.33m, 5.8% and £233psft.
Lot 34 Halifax was let to Premier Inn Hotels until 2064, with one of the strongest balance sheets in the FTSE 100 on the lease, investors responded to this security of income and bid very keenly from the outset, it sold at £925,000 at a modest yield of just 3.8% net.
The biggest ticket lot was an office building in Tottenham. The building was sold £7m under an auction contract as part of the company’s Hybrid offering; which sees a property marketed via private treaty with the backstop of the auction.
George Walker, Partner and Auctioneer at Allsop, said: “May’s commercial auction has now added £40m to our sales during lockdown, bringing the total to £75m in a market that has slowed since lockdown started. The depth of cash resources from the private investor is always refreshing when the right product is offered at the right price, as is their appetite for opportunity even in the toughest of times.
Our clients and buyers have continued to embrace this new way of working with great vigour and our online platform will give them access to this liquidity for the foreseeable future, with two more auctions in place before the Summer break”
Allsop will be hosting its next commercial auction on 16th June.
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.
- Where a guide price (or range of prices) is given, that guide is the minimum price at which, or range of prices within which, the seller might be prepared to sell on the date at which the guide price, or range of prices, is published.
- The reserve price is the minimum price at which the property can be sold.
- Both the guide price and the reserve price may be subject to change up to and including the day of the 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.
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