UK’s leading property auctioneer raises £40.6m on 117 lots in 31 March auction
Highest value lot (lot 40, a freehold bar and nightclub in Dalston, London with ten flats above) received 128 bids and sold for £2.54m
Most popular lot (lot 32, a two-bedroom mid terrace house in Battersea) secured 198 bids, at £728,000
Allsop’s second online residential auction of the year resulted in the sale of 117 lots, raising £40.6m. The auction saw a total of 2,698 online bids placed during the day, with 889 bidder registrations.
Richard Adamson, partner and auctioneer at Allsop, said: “The residential market has shown real strength over the past 12 months, with supply struggling to keep up with the demand from investors, developers and end users.
“This level of interest has been illustrated by the results achieved in our past five auction sales, each having outstripped the results from the previous year. Our March sale proved to be no different, with the total of £40.6m representing a 30% increase on to this time last year, which was at the onset of the pandemic.”
Auction highlights included:
- The highest value lot of the day was lot 40, a three storey freehold building in Dalston, London. The ground floor comprises a vacant bar and nightclub and 10 flats on the two floors above; eight flats on an assured shorthold tenancy. The property was incredibly popular with 15 parties registering to bid and 128 bids being placed on the day, ultimately selling for £2.54m, from a guide of £1.5m – £1.6m.
- Lot 70 & lot 71, a Grade II listed Mansion and Grade II listed gate house in Monmouth, Wales proved to be among two of the most popular lots in the catalogue. Originally guided at £800,000 and £250,000 respectively, the buildings attracted fierce bidding and sold for £1.704m and £337,000.
- Lot 28, a well-located five storey building in Notting Hill, internally arranged as five self-contained flats each let on assured shorthold tenancy, sold for £2.39m reflecting a gross yield of 4.67%.
- Lot 34, a two-bedroom mid terrace house with rear garden in Battersea. The property received strong interest with a total of 198 bids placed and eventually selling for £728,000 from a guide of £530,000.
Allsop’s next residential auction will be held online on 13 May 2021.