Allsop Residential brought welcome relief to the market at its latest auction sale on 19 September. Despite choppy political waters, the result calmed concerns by demonstrating a steady demand for realistically priced property. At the time of writing, over £40m has been raised overall with 80% of the catalogue successfully sold.
“We are very pleased with the outcome of this auction, given prevailing uncertainties.” said auctioneer, Gary Murphy. “This was a carefully constructed catalogue of sensibly priced stock. As a result, the room was well attended and bidders, both present and remote, competed enthusiastically. Sellers and buyers can be reassured that the auction room continues to be a lively and functioning market place.”
Allsop continues to prove that higher value buildings are often best sold under the hammer. A vacant building of around 5,450 sq ft in Chelsea’s Redcliffe Gardens was knocked down for £3.9m. The property was arranged partly as a House in Multiple Occupation and was sold with planning permission for reconfiguration to form 15 self-contained flats.
The sale offered a broad choice of locations. The auction results established that demand is not limited to London and the south east. The Old Brewery in Carlisle, Cumbria for example, comprises six freehold buildings arranged as 28 self-contained units. The property is part Grade II Listed and was offered with planning permission for change of use to provide a mix of 36 affordable dwellings. It was sold under the hammer on behalf of a housing association for £400,000.
And a freehold block of six self-contained flats at Cutbush Court, Danehill, Reading was knocked down on behalf of receivers for £675,000. This unbroken investment was fully let on assured shorthold tenancies and producing £54,900 per annum (8.1%).
Murphy concluded “From the rostrum the auction felt pretty robust. Reserve prices were often exceeded and attendance was good. Although there was no particular sector from which discernible trends were identifiable, it was apparent that the quality of enquiries leading up to the day was high. There seem to be fewer tyre kickers and more determined bidders out there than recently.”
Allsop’s next residential auction sale will be held on 31 October at The Event Suites at Great Cumberland Place (formerly The Cumberland Hotel), London W1. The catalogue remains open for entries until 4 October.
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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