Allsop achieved an outstanding result at its first commercial auction of the year, raising £84m and achieving an 81% success rate. Defying perceptions of a challenging market, Allsop saw 22 lots selling above £1m at an average of £2.4m, and delivered its highest ever price for a single lot under the hammer at £12.4m.
The property, lot 87, was one of the most sought-after investments offered; a freehold office and residential investment that is home to The Lady magazine at 39-40 Bedford Street, Covent Garden. The 11,140 sq. ft. building, received considerable interest from over 20 parties and competitive bidding in the room.
The second highest lot to sell at auction was lot 85, a long leasehold car park investment in Marylebone. Located moments from Regent’s Park, the 75-space car park with a total area of 28,914 sq. ft, sold for £3.9m. Its sale strongly reinforces the increasing demand for alternative investments, another example of this was lot 81, a Mercedes dealership in Weston-super-Mare. The 14,048 sq. ft. property currently has a gross yield of 7.85% and sold well above the guide at £2.6m.
The appetite for mixed-use assets was as strong as ever, for example lot 86, a parade in Goring-by-Sea was also sought-after on the day. Comprising of six shops, an office and thirteen flats, situated near the West Worthing Rail Station and close to the seafront, the property sold for £2.8m 7.25%
George Walker, Partner and Auctioneer at Allsop said: “We were delighted to see strong investor appetite and solid competition for retail assets at our first sale of the year. In spite of ongoing uncertainty in the UK market, the auction room was full of buyers chatting and competing with each other; the mood amongst investors was buoyant. One lot in particular saw a dozen people bidding in the room and online, before selling to a bidder on the phone.”
Allsop’s next commercial sale will be held on March 26th 2019 at The Berkeley Hotel, Wilton Place, London SW1X 7RL.
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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