Allsop’s back-to-back commercial and residential auctions raise over £58 million

Allsop, the leading property consultancy and the UK’s largest property auction house, raised £58.1million through back-to-back commercial and residential auctions held in March.

The residential auction raised £25 million from the sale of 117 lots. The highest-value lot of the auction was a freehold mid-terrace building in Holloway, north London, which sold for £950,000 from a guide price of £750,000.

The commercial auction raised £33.1million through the sale of 54 lots, eight of which sold for more than £1 million. Westgate House, a 74,000 sq. ft retail and office investment in Halifax town centre, saw particularly fierce competition from a number of motivated buyers, which drove the sale price up to £3.53m, more than 40% above the original guide price.

Richard Adamson, Managing Partner and Residential Auctioneer at Allsop, said:

“The general nervousness in the wider economy over the past few weeks has clearly influenced buyer sentiment in the residential sector, which had previously been showing strong resilience not shared by other investments sectors. A stalling economy and changes to stamp duty will have unsettled some investors, however this is likely to be a point in time where the market readjusts before moving on again.

“There is still sufficient appetite for income producing investments across the UK as well as value-add opportunities. We are already preparing our next catalogue for April, which will feature a number of attractive opportunities to fit a variety of portfolio themes and risk appetite levels.”

George Walker, Partner and Commercial Auctioneer at Allsop, said:

“Whilst overall market sentiment is perhaps not as strong as it could be, the investors in our market are still actively seeking out opportunities where they see growth and security to add to their portfolios. Our recent sale proved this, with buyers eagerly competing for lots that provide long-term income. Having raised well over £30 million last week, and with several sales after auction in progress, we anticipate this total will increase swiftly as we work towards the release of our 1^st May auction catalogue.”

Residential auction highlights include:

·       Lot 121 – Hornsey Road, Holloway – a freehold mid-terrace building, extending to 1,464 sq. ft in need of modernisation, sold for £950,000 from a guide price of £750,000+

·       Lot 15 – Holloway Road, London – a freehold building comprising commercial premises and three self-contained flats above, fully let, producing £66,840 per annum, sold for £925,000 from a guide price of £850,000+

·       Lot 73 – Alie Street, Aldgate – a freehold Grade II listed building, comprising a three-bedroom house extending to approximately 1,531 sq. ft, sold for £810,000 from a guide price of £785,000+

·       Lot 82 – Ashley Road, Hampshire – a freehold detached former residential care home, extending to 3,520 sq. ft, sold for £425,000 from a guide price of £300,000+

Commercial auction highlights include:

·       Lot 17 – Westgate House, Halifax – a 74,000 sq. ft town centre retail and office investment including a new lease to B&M Stores and the NHS, sold for £3.53 million (10.7%)

·       Lot 49 – Corby, Northamptonshire – a freehold ground rent investment, let for a further 987 years with 5-yearly RPI linked reviews, sold for £925,000 (5.9%)

·       Lot 38 - Gillingham, Kent – a freehold Spar convenience store investment, let on a new 15-year lease to AF Blakemore and Son with 5-yearly RPI linked rent reviews, sold for £605,000 (5.9%) – over £100,000 ahead of the guide price

·       Lot 63 - Bristol – A freehold tyre depot let to Kwik-Fit until 2028 sold for £654,000 (5.8%)

Allsop’s next residential auction will take place on 15th and 16th April via livestream, followed by an online commercial auction on 1st May.