- Allsop’s May commercial auction catalogue, now released, comprises 55 lots producing a combined income of £3,600,000pa
- Sixteen lots guided at £1m or more are to be offered at May’s auction, including lot 16 in Worthing at £3.1m – the largest lot that will be offered
- Almost 15% of lots listed represents convenience stores, including a portfolio of four investments, all let to the Co-op on long leases
- Allsop’s next commercial auction will be online-only and will be held on 19th May
While much of the property market may have come to a standstill in the wake of the Coronavirus pandemic, Allsop has released its May commercial auction catalogue, with a combined transaction value of over £48m. The auction, which will be held online-only on 19th May, will offer 55 lots, of which 16 will be guided at £1m+.
The launch of the catalogue comes as Allsop’s national investment team announces the sale of a £7m office building in Tottenham under an auction contract as part of the company’s Hybrid offering. The investment would have been offered at May’s auction, had the property not exchanged on an auction contract after just four days on the market, to a UK investor.
Investors who remain undeterred and resolute are increasingly looking at ways to continue to operate, with some buoyed by the results of Allsop’s March commercial auction, which despite the uncertainty and move to an online format generated £35m. This has been typified by an instruction generated during the March auction itself. Lot 4, a freehold shop and two self-contained flats situated on Muswell Hill Broadway, north London, is guided at £1.6m.
Assets that offer safe and long-term income are anticipated to be among the most prized of the catalogue and are likely to be sought-after on the day. This includes high street and alternative investments that are able to remain open during the pandemic, such as convenience stores and pharmacies. A portfolio of four Co-op convenience shops located in Bristol, Kent, Cornwall and Sheffield, lot 8, lot 13, lot 21 & lot 26, are among those in the catalogue likely to generate significant interest. The combined portfolio is guided at £4.9m.
George Walker, Partner and Auctioneer at Allsop, said: “Despite market conditions, investors are busy and ready to go with some showing early interest for assets located in London and the South East and for convenience stores, which have the long-term resilience that buyers are seeking.
“This catalogue offers a good spread of assets across the UK, and in a number of cases we are working with joint auctioneers to help deliver clients the certainty of an auction sale.”
Highlights from the catalogue also include:
- Lot 16, Worthing, West Sussex – a freehold shop comprising 10,030 sq ft located on a pedestrianised town centre position let to Superdrug Stores Plc until July 2024. Guided at £3.1m
- Lot 17, Old Street, Shoreditch, London – a freehold shop and residential leasehold, comprising a shop and four flats, subject to ASTs. Guided at £2.5m
- Lot 24 – Crayford, Kent – a freehold shop and residential parade, with six shops and seven self-contained maisonettes with development Guided at £2m – £2.2m
- Lot 15 Upton Park, London – an attractive freehold mixed-tenure site consisting of two ground floor shops, two offices and three residential flats. Guided at £1.7m
To safeguard the wellbeing of our staff, clients and buyers and to comply with Covid-19 social distancing restrictions, Allsop’s forthcoming commercial auction will be online-only.
The auction will take place online on 19th May. The catalogue can be viewed online. Prospective buyers will need to register to bid remotely by Friday 15th May. To view the full details on how to bid, please see the following link: https://auctions.allsop.co.uk/remote-bidding
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.
- Where a guide price (or range of prices) is given, that guide is the minimum price at which, or range of prices within which, the seller might be prepared to sell on the date at which the guide price, or range of prices, is published.
- The reserve price is the minimum price at which the property can be sold.
- Both the guide price and the reserve price may be subject to change up to and including the day of the 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.
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