- Allsop’s December commercial auction raised £61.1m from the sale of 119 lots
- The largest lot to sell was a freehold industrial estate in Stockton-on-Tees, which sold for more than £4.3m
- Allsop commercial auctions have raised more than £570m since the start of the year, selling 806 lots with an overall success rate of 92%
Allsop’s eighth and final commercial auction of the year raised over £61m following the sale of 119 lots, its best annual result since 2017, reflecting a success rate of 90% – the highest since March 2020.
The last commercial auction of the year saw unprecedented buyer interest, with 360 investors taking part in the sale, demonstrating a 40% increase in participants over Allsop’s previous record.
Retail assets remained in high demand, reflecting the continuous recovery of the sector, with 83% of all lots sold being retail premises. Some particularly well-located investments, like the Windsor retail unit let to Crew Clothing on a five-year-lease, were sold for £1.21m, reflecting a NIY of 5.8%.
George Walker, partner and auctioneer at Allsop, said:
“Our last commercial auction of the year was marked by highly competitive bidding and unprecedented levels of investor activity, which can be in part attributed to the ongoing recovery of the retail sector. Despite the challenges and uncertainty posed by the pandemic, we continue to see reassuring levels of demand for commercial property across the country, evidenced by the £570m raised by our team this year, with a success rate surpassing 90%.”
Key highlights include:
- Lot 66, a freehold industrial estate in Stockton-on-Tees, comprising 12 units, sold for £3m prior to the auction
- The Mitcham shopping parade, London – a mixed-use parade of 23 ground floor units, presented as 18 separate lots, sold individually for a total of £3.53m (average NIY of 7.5%)
- Lot 27, a freehold convenience store in Aldridge let to Co-Operative Group Food Limited, sold at £1.15m (4.9% NIY)
- Lot 25 – a freehold shop and residential investment in Wallington, comprising two shops and six self-contained flats with development potential, sold at £1.8m (5.4% NIY)
Allsop’s next commercial property auction will take place online on 3 February 2022. Visit www.allsop.co.uk for more information
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, and Leeds. 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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