- UK’s leading auctioneer raises over £45m
- Start delayed as bidders queue outside Mayfair venue
- Auction room extended to accommodate crowds
Allsop’s first residential auction of the year delivered a very clear message to the market. Confidence has been restored.
It was apparent from the beginning of the day that proceedings were going to be lively. The 10.00am start was delayed for half an hour to allow the hundreds of bidders queuing outside the InterContinental Hotel time to clear the venue’s security and gain access to the hall. As the sale opened, the room had to be extended and partitions removed to accommodate the increasing numbers.
Gary Murphy, auctioneer at Allsop, said:
“This was the liveliest sale that we’ve seen for years. Bidders now have the confidence to put up a real fight. Prices were strong, particularly where reserves and guides were set at attractive levels. Our results clearly indicate that the coming months will be a great time to sell. We expect a very full catalogue in March.”
Development opportunities were keenly sought after. Lot 53, the largest lot of the sale, for example, was a freehold semi-detached freehold building at 33 Queen’s Road, Wimbledon, London SW19. Offered with the benefit of planning permission for reconfiguration and extension to provide seven self-contained flats, the lot was knocked down for £2m.
Interest was not confined to London. Lot 142, a freehold former care home providing 19 bedrooms, and extending to over 16,000 sq ft in 6.8 acres, was sold for £1.38m from a guide price of £1m+. Although The Grange at Greyshot in Hindhead, Surrey had potential (subject to consents) for conversion or change of use, redevelopment of the site will have been an attractive possibility for many bidders.
Despite sensitivities following the recent Law Commission Report on enfranchisement, ground rent investments remained in demand. Lot 17, Apsley House, Finchley Road, St John’s Wood, London NW8, was an attractive landmark leasehold building subject to 85 occupational under leases – 22 of which were reversionary. It was knocked down at £950,000.
Allsop’s next residential auction sale will be held on 31 March at The Event Suites, Great Cumberland Place, London W1. Entries available up to 9 March.
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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Newgate Communications on 0203 757 6890 or firstname.lastname@example.org
Or email Anna Jones, Residential Marketing and PR Manager at Allsop on 020 7543 6728 / email@example.com.