- 37 Berwick Street, Soho is being offered at £3.25 to £3.5m having been circulated by private treaty
- 28 other lots at £1m or more highlight a turning point in market confidence
- Strong pre-auction bids already being made by large pool of new buyers
Allsop has launched its July commercial auction catalogue which is its largest to date since lockdown began, offering a wide spread of lots across all sectors and the average guide price of the 28 over-£1m lots set at £1.9m. In spite of the impact of Covid-19 on the property market, Allsop have traded £110m during lockdown over three online-only auctions.
The auction – which will be held online-only on 21st July – will offer 102 lots, and has already attracted a number of strong pre-auction bids from a pool of new buyers.
Various mixed-use assets give investors the opportunity to expand further away from the more traditional High Street properties which have faced ongoing challenges in light of the Covid-19 lockdown – from Berwick Street, Soho (lot 3 – being offered at £3.25 to £3.5m) to a former bank in Richmond (lot 9) which is guided at £2.9m.
George Walker, Partner and Auctioneer at Allsop, said: “Despite us having an additional June auction, the catalogue for our 21st July commercial auction is our largest one since the onset of Covid-19 earlier this year. We raised over £28m in our June auction and we are seeing this confidence continuing to grow.”
“Sellers’ confidence in our ability to access the market has flourished, and buyers are planning to invest their cash where they believe long-term returns will be secure as they see initial signs of recovery. Some of the multi-let industrial lots will be a test of buyers’ confidence in the Chancellor’s plans to help small businesses recover as lockdown is eased.”
Highlights from the catalogue also include:
- A portfolio of 9 multi-let industrial lots, guided at prices from £550,000 to £2m.
- Lot 10 Barkingside, Greater London – a freehold High Street retail investment and development opportunity. Guide £3m+
- Lot 32 Maidstone, Kent – a leasehold industrial estate investment comprising 16 units with forecourt car parking. Guide £2m+
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 21st July 2020. The catalogue can be viewed online. Prospective buyers will need to register to bid remotely by Friday 17th July. To view the full details on how to bid, please see the following link: https://auctions.allsop.co.uk/remote-bidding
Notes to editor
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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.