- December auction raises a record £63m with 59 lots sold, achieving the highest ever average lot size of £1.07m
- Lot 14, a freehold parade in Ruislip Manor, became the largest lot ever sold on a digital auction contract (sold prior to the auction for over £10m)
- 19 lots, of which half were retail, sold for £1m+
Allsop’s December commercial auction, its seventh and last commercial online auction of the year, raised £63m, with 59 lots sold and an overall success rate of 82%. Despite ongoing market uncertainty, the latest auction was yet again marked by strong investor appetite for well-priced assets, with retail premises proving to be especially in demand, generating a staggering £44m worth of sales.
Since the start of the year, Allsop’s commercial auctions have generated a total of £424m compared to £437m achieved by December 2019, showing that even in the toughest of market circumstances, appetite for deals remains on both the buyer and seller side.
George Walker, Partner and Auctioneer at Allsop, said: “We continue to operate in a highly unstable market as the UK enters the next, pre-vaccine stage of the pandemic, and there remains little clarity on Brexit. In spite of this, our auctions remain a solid route for willing sellers, enabling them to tap into a pool of buyers chasing yield and opportunity, thanks to Allsop’s expertise and exposure to private capital.
“Raising over £60m in an online auction in 2020 is indicative of the market’s adaptability and our team’s commitment to making the process as easy and straightforward as possible for end users. We look forward to hosting our first online auction of 2021, which will no doubt bring new revelations and interesting opportunities for sellers and investors alike.”
Some of the key highlights included:
Lot 14, a parade of 14 shops and 18 flats near Ruislip Manor station, currently let at £479,424 per annum, sold at over £10m, ahead of the £8m guide price.
Lot 6, a riverside pub located in a covetable setting in Chiswick, overlooking the River Thames, received 188 bids and was ultimately sold at £2.86m (NIY 4.25%). The pub is let at £129,600 per annum until 2030, offering its investor the security of long income.
Lot 37, a Grade II Listed freehold shopping parade in Chester, which exceeded its guide price of £3.9m, having previously been on the market, like a number other lots presented in December.
Allsop’s next commercial auction is taking place online on 3 February 2021.