Allsop latest residential auction achieved a strong result at its July 18th sale raising £38m with 71% of lots on offer sold.
Held at the Intercontinental London Park Lane, the sale saw a total of 189 lots offered with 133 lots sold by the end of the day. With almost £7m raised from the sale of 29 lots prior to auction, the sale itself concluded with £36m sold. A further £2m has been since raised with interest continuing to materialise post auction.
The largest lot of the catalogue was lot 54 a former office building in Slough. Phoenix Building was offered with permitted development rights for conversion to 31 self-contained apartments with a total area of 12,370 sq ft. It was sold prior to auction from a guide of £3.25-3.5m.
The highest price achieved under the hammer was lot 114, 8 Inglewood Road, West Hampstead, London NW6. This freehold mid terraced building is arranged as five self-contained flats. Four flats are let on assured shorthold tenancies and one is let on a regulated tenancy. It is producing £80,312 per annum. It was knocked down for £1.555m reflecting a gross yield of 6.69%.
Gary Murphy, Auctioneer, Allsop said “This is a reassuring result in the light of the economic and political uncertainty affecting all markets at the moment. Although there is still an air of caution in the room, buyers and sellers are continuing to trade.
“Attractive reserves and appropriate guide pricing are still producing healthy competition and strong results. Aspirational prices though are harder to achieve under the hammer. But we’re encouraged by the high levels of post auction activity on unsold lots.”
The next residential auction will take place on September 19th at The InterContinental London Park Lane, W1J 7QY.
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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