Allsop raises nearly £88m across two days of auctions

Allsop, the property consultancy and the UK’s largest property auction house, raised £87.8 million in total over a two-day period through separate commercial and residential auctions held in November.

The commercial auction kicked off the week, raising almost £51m from the sale of 63 lots at a success rate of 80%. This sale brings the total raised so far this year to £413m through the sale of commercial property, with 526 lots sold and 119 lots achieving prices in excess of £1m, reflecting an overall success rate of 88%. With assets sold across all sectors, highlights include an office in Holborn, London, which sold for £5,500,000, comprising a 12,439 sq ft site let at £413,250 p.a.

The following residential auction raised £36.8m from the sale of 82 lots at a success rate of 78%, with eight lots selling for over £1m. Highlights include the sale of a rare unbroken street of 22 freehold houses and two freehold mixed-use buildings in 28 Dock Road, Gloucestershire, which sold for £2,500,000 from a guide price of £1,575,000.

The latest auctions bring the total raised by Allsop for the year-to-date to £977.8m, including £413m from commercial auctions and £564.8m in residential auctions. Allsop is hosting two further auctions in December.

 George Walker, partner and commercial auctioneer at Allsop, said:

“The then-pending government budget announcement cast a cloud over the market, but on the day buyers responded well. We saw many familiar faces bidding for the first time in a few years - a clear sign they see the market improving from here.

“Rates clearly won’t be falling as fast as some had suggested, with the budget introducing new inflationary pressures. However, they are falling, which should strengthen demand for our final sale of the year on December 11th.”

Richard Adamson, managing partner and residential auctioneer at Allsop, said:

“Since the release of our November auction catalogue, we’ve had an autumn budget, a US election, and an interest rate reduction - plenty for investors to digest. Despite this, our sale was incredibly successful, achieving a 78% success rate, which far outstrips the market norm. In the past three weeks, we have sold almost £100 million of residential property under the hammer, demonstrating once again the resilience of the residential property market and reinforcing growing confidence in the sector. We are still taking instructions for our December 18th and 19th auction, which already promises to be of high quality.”

Commercial auction highlights include:

• Lot 15 – Barnsley – supermarket let to Farmfoods Ltd sold for £1,750,000 (6.5% NIY)
• Lot 16 – Holborn – office totalling 12,439 sq ft sold prior in excess of £5,500,000, representing over £400 per sq ft
• Lot 34 – Burton-on-Trent – industrial estate, part let to Howdens Joinery sold for £2,710,000 (5.8% NIY), representing £94 per sq ft

Residential auction highlights include:

• Lot 1 – Newbury House, Newbury – a detatched building internally arranged to provide 10 self-contained flats and basement together with garagaes and a bungalow sold for £1,370,000 from a guide price of £600,000+
• Lot 35 – 52 Tottenham Street, Fitzrovia – freehold four storey building with planning for an 11-storey building sold for £1,730,000 from a guide price of £1,600,000
• Lot 141 – Harlow, Essex – freehold former hotel with development potential sold for £1,400,000

Allsop’s next commercial auction will take place on 11^th December online, followed by a residential auction on 18^th and 19^th December via livestream.