In its first residential sale of the year, Allsop raised £54m from 201 lots, recording a strong success rate of 74%. Held on Valentine’s Day at the new location of the InterContinental Park Lane Hotel, more than £10.5m was generated from high value investments sold at £1m and above.
The highest price achieved under the hammer included lot 26 at £1.9m. An attractive terrace building in sought-after Chiswick, west London, this development opportunity came with planning permission for conversion into five apartments.
Investments in London, particularly those with the potential for redevelopment received enthusiastic bidding in the room. Lot 18, a development site with planning consent for four, three-bedroom houses in the London Borough of Hillingdon sold for more than £300,000 over the guide at £1.05m.
Also in the capital, lot 107, a mid-terrace property in Balham, south London, comprising of a total of six flats and maisonettes sold at £1.2m.
Outside of London, lot 182, an attractive Grade II listed manor house in Wiltshire sold at £1.12m. Set in a site spanning 4.818 acres, the manor house was formally used as a care home, and with the necessary planning consent could be converted to residential use, hotel or office.
Gary Murphy, Partner and Auctioneer at Allsop said: “This was a very important auction for us and the wider market; posting a strong result and demonstrating confidence in the residential sector for 2019 was always going to be particularly key this year. Despite caution and uncertainty surrounding Brexit, it was apparent that buyers were keen to do business as usual. There is clearly price sensitivity across most sectors but it is reassuring to see that bidders are reacting competitively to realistic pricing.”
The full results can be viewed on our website. Allsop’s next residential sale will be held on Thursday 28th March 2019 at the Intercontinental, Park Lane, London W1. Entries are now invited.
Notes to editor
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.