Allsop’s October commercial auction raised £97m on the day with 203 lots selling under the hammer at The Berkeley Hotel in Knightsbridge.
High Street assets made up 80% of the lots offered, proving the weight of money available from the Private portfolio investor for correctly priced assets.
£21.7m of Bank investments were sold throughout the UK and the range of yields, with a 5% spread was wider than normal reflecting the sophistication of the investors and their local knowledge.
Vision Express enjoyed a strong result with their first sale and leaseback campaign, raising nearly £2m from 9 assets, which were strongly competed for, at yields down to 4.5%.
The highest value sale on the day, at £4m was lot 119, The Trident Shopping Centre, Dudley which sold at 16.5% and was one of three tertiary centres sold, raising £7.5m collectively.
In the office sector, lot 131, in Stockon-on-Tees sold at £3,500,000 to a London Property Company, and comprised 39,375 sq. ft. of accommodation with car park for 167 vehicles .
George Walker, Partner and Auctioneer, said: “The £97million raised clearly demonstrates the depth of Private Investor capital available for the right product, at a testing time for capital markets across the board. Buyers are ever more selective and voting with their cheque books as they pursue the securest of assets down to 4% or better, and at the other end of the risk curve, they will buy trickier assets providing the yield compensates them for the higher risks.”
The next Allsop commercial auction will be held on Tuesday 4th December at The Berkeley, Wilton Place, Knightsbridge, London SW1X 7RL.
For full results of the October auction click here
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: http://www.allsop.co.uk/our-services/auctions/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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