article title

Allsop’s latest commercial auction has raised in excess of £41 million, reflecting a success rate of 73.5%

The sale held on Thursday 24th March at The Park Lane Hotel offered 91 lots, 16 of which sold for in excess of £1 million. This was evident that the market continues to be driven primarily by new investors. There were some notable exceptions but many regulars remain on the sidelines, their activity restrained by the lack of bank finance. London-based properties and those let on the longest leases to the best covenants continued to attract keen bidding.

As we come to the end of our financial year for the 6 commercial property auctions held we have raised £360 million from the sale of 543 lots with an overall success rate of 80%

Some notable highlights from our March Auction include:

  • Average lot size £626,915 (£673,500 in February)
  • 17 lots achieved yields at or below 6%, 4 of which were at or below 5% (31 lots in February, 7 below 5%)
  • 3 first class Public House Investments on behalf of Enterprise Inns plc sold reflecting an average lot size of £1,160,000 and 6.25% (£1,050,000 and 6.2% in February)
  • 4 Bank investments sold reflecting an average yield of 5.82% (5.94% in February)
  • 17 lots for Receivers/Mortgagees sold raising in excess of £5.6m (16 and £9 million in February)
  • Largest lot was Lot 63 London EC3. A Freehold Office Investment producing £115,717 pa with VP of part sold prior in excess of the guide price of £2/2.25 million
  • Lowest Bank yield was Lot 61 East Sheen, majority let to Barclays Bank plc, break 2022, sold £1,350,000 (4.48%)
  • Lot 58 Bournemouth, let to Pizza Express, £75,000 pa, break 2024, uppers sold off, sold £1.4 million, 5.09%
  • Lot 65 Carlisle Street Soho, a well located office of 3,395 sq ft let at £105,000 pa sold £2.1 million, 4.73%
  • Lot 76 London SE1, ground floor convenience store let to Tesco, £65,000 pa, break 2020, sold £1,170,000 5.25%

Our next Commercial Auction, which will be held on 17th May, by Friday 8th April.
The deadline for our following 5th July Auction is Friday 27th May.

To view the latest results please click here


Notes to editor

Allsop is an independent property consultancy with a market-leading reputation for high quality service, integrity and innovation. We are also well known as the UK’s largest and most successful auction house.  Our success is built on over 100 years’ experience in commercial and residential property consultancy and sales.

Contact

If you are a member of the press and would like to arrange an interview or for further information please contact Anna Jones
Anna.Jones@allsop.co.uk
020 7543 6728