Allsop commercial auction raises £67.75m in first auction of 2020

• February auction raises £67.75m
• A success rate to date of 86%
• 21 lots sold at over £1m
• Over £18.3m industrial assets sold at February 11^th auction more than the whole of 2019
• Convenience store sector still proving popular with £7m sold, better than 5% in some cases

Allsop had a good start to 2020 at their first commercial auction of the year, raising £67.75m at a success rate of 86% to date.

The February auction at The Berkeley saw 21 lots selling for over £1m, demonstrating buyer appetite for a diverse range of assets, with some of the strongest bidding for the larger industrial lots.

£18.3m of industrial investments was sold on the day, more than the whole of 2019 and the tremendous demand saw private investors and publicly listed buyers bid competitively against each other. One portfolio of seven lots achieved over £1m ahead of their combined reserves.

The largest lot sold was Lot 80 in Warrington, a multi-let industrial estate which sold at £3.675m (7% NIY and £102psft) which set a new level for industrial sales in the auction room.

Another industrial highlight auction was Lot 74 in Huddersfield, a single-let investment which sold a £2.3m (6.95% NIY and £65.5psft).

Demand was clear for the best retail investments; one of the biggest lots was Lot 22 in Ashford, a long let B&M store, achieved £2.625m (6.8%).

As ever the Convenience store sector proved very popular, with £7m sold at yields down to below 5% in some cases.

George Walker, Partner and Auctioneer commented: “This first sale of the year was always going to be a test of the “Boris Bounce” factor and we were not disappointed, the room was busy. It was very interesting to witness the huge demand for secondary multi-let industrial assets, where buyers are betting on rental growth through asset management. These lots saw several new buyers experience the auction room and go home with their contracts. We look forward to a further pick up as confidence continues to improve”.

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.

Guide prices:

1. 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.
2. The reserve price is the minimum price at which the property can be sold.
3. Both the guide price and the reserve price may be subject to change up to and including the day of the auction.

Visit: http://www.allsop.co.uk/our-services/auctions/selling-at-auction/

About Allsop

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

Contact

For further information or supply of images

Newgate Communications on 020 3757 6890 or allsop@newgatecomms.com