- Over £90m raised within a week: Tuesday’s commercial auction raised £51.5m while the 16th July residential auction raised £41.9m
- At Tuesday’s commercial auction two lots (in Soho and in Barkingside) both sold for over £3.5m
- 18 commercial lots sold at over £1m, with an average price of £1.85m
Allsop has achieved over £90m worth of realised assets as a result of its residential and commercial auctions held during a single week in July, making it one of the highest ever combined totals achieved at online auction. The commercial auction on 21st July saw a swathe of new buyers looking to secure long-term income and making bids at pre-COVID pricing levels, with many of the 102 lots having attracted strong bids well ahead of the event.
George Walker, Partner and Auctioneer, said:
“Between the two Allsop auction teams, we have exchanged on over £90m worth of properties in the last week, selling 241 assets with the vast majority having only been on the market for a little over two weeks. The prices paid on 21st July were mostly at pre-Covid levels, as investors buy for the long-term. One high street asset (lot 26 in Oswestry), with long bank income, sold at a better yield than was achieved from assets in the same portfolio in 2018: at 4.9% against the 2018 average of 5.25%. A portfolio of long leases to Kwik Fit sold at an average yield of 4.5 %, reflecting the thirst for income from buyers. Despite the shock to the market which Covid-19 brought, we have managed to harness the best digital platform and move the sale process to a new age of efficiency and certainty, with the unconditional auction contract at its centre.”
Commercial auction lot highlights
A list REIT sold a portfolio of six multi-let industrial investments, with lot 32 in Maidstone selling at 6.1%, a little under the £2m guide price.
The next online-only commercial property auction will take place on 22nd September.
For full results Visit: https://auctions.allsop.co.uk/
Notes to editor
NOTES TO EDITOR
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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.