- Allsop raises more than £70m at the latest commercial auction amidst rising inflation
- Of the 79 lots sold, 20 investments sold for £1m or more
- The highest value lot sold was a Grade II listed medical and residential investment in Devonshire Place W1, sold in excess of the guide price of £8.25m
- July auction concludes the first half of the year realizing £293m through the sale of 362 lots
Allsop, the UK’s top auction house by transactions, has raised more than £70m from the sale of 79 lots in its July commercial auction.
The lots offered at the auction included a mix of retail, with high street, convenience, and roadside assets, as well as hospitality, pharmacy, industrial, residential, and medical investments across the UK.
Of the larger lots sold at the auction the majority are located in London, and 20 were sold for £1m or more at an average of £2.3m. So far in 2022, Allsop has raised £293m in its commercial auctions, through the sale of 362 lots.
George Walker, Partner and Auctioneer at Allsop, said: “We saw a strong appetite for the larger lots at the July auction, where buyers demonstrated confidence to buy on the basis of the unconditional auction contract, providing a quick, reliable and efficient completion of transaction. The best example of this was the Grade II listed property in Marylebone, London, which sold for in excess of the guide price of £8.25m having been on the market for some time. We have also seen a continuation in trends as various tenant companies successfully acquired their freeholds at auction. Although these have proved challenging to sell by private treaty, we were able to conclude the deals within the three-week marketing period.
“We have had a busy first half of the year, even though the market has had to adjust to a new era of inflation and the soaring cost of living. When we return in September for our next online auction, we hope to have increased political stability and much-needed clarity on the economic situation, giving buyers and markets guidance and confidence to invest in UK commercial real estate.”
Key highlights include:- Lot 21– a well located Grade II listed medical and residential investment in Devonshire Place W1G, with current gross rent reserved at £381,600 per annum, sold prior in excess of its guide price of £8.25m, making it the highest-priced lot to be sold at auction this year
- Lot 43– a freehold pharmacy investment in West Ealing, comprising a total area of 5,213 sq. ft. entirely let to Boots UK until 2026, sold under the hammer at £1.88m (NIY 3.68%)
- Lot 13– a petrol filing station on a five-acre site on the A36 in Romsey, let with a guarantee from Co-op until 2027 with annual 2% rental increases, sold prior to the auction in excess of its guide price of £2.55m
Allsop’s next commercial property auction will take place online on 20 September 2022. Visit www.allsop.co.uk for more information.
