- Allsop raised £70m from 95 lots, achieving prices of up to £3.65m
- Of the 95 lots sold, 25 investments commanded a price of £1m or more
- Allsop commercial auction has raised £607.5m this financial year, with a total of 840 lots sold
Allsop’s March commercial auction has raised £70m from the sale of 95 lots, which ranged from mixed-use schemes to warehouses, supermarkets and pharmacy investments, including the attractively priced Boots pharmacy in Surbiton sold at £2.69m (NIY 3.1%).
The highest-priced lot to go under the hammer was a retail warehouse investment in Glossop, Derbyshire, with parking and a variety of household names among its tenants, which sold at £3.65m, amidst unwavering demand for warehouse space in the UK and Europe.
George Walker, partner and auctioneer at Allsop, said:
“Investors had a lot to contend with in recent weeks, including an uncertain geopolitical climate and the rise of the BoE base rate in the UK, but our latest sale has demonstrated that their appetite for commercial investment has remained unbowed. The rising cost of money is prompting some buyers to lock into fixed five-year rates as a hedge against the rising cost of borrowing, while many are choosing to invest using their cash reserves.
“As the moratorium on commercial evictions comes to end, we’re expecting to see even higher volumes of investors looking to tap into the wealth of opportunities offered by retail. This was a strong finish to the financial year, over the course of which we’ve generated £607.5m worth of sales through our digital auction platform, and we’re ready to enter our third year of online auctions.”
Key highlights include:
Lot 34 – a freehold pharmacy investment in Surbiton let to Boots let at £90,016 per annum (on a new lease expiring in 2025), sold at £2.69m (NIY 3.1%)
Lot 105 – a mixed-use investment in Havant town centre, Hampshire, comprising 14 flats and four shops let at £186,100 per annum, sold at over £2.8m prior to auction (NIY 6%)
Lot 6 – a land, garage and parking investment in Highbury, with 21 garages and 20 parking spaces on a 26-acre site, sold at £1.53m (NIY 2.44%)
Allsop’s next commercial property auction will take place online on 25 May 2022.