July Commercial Auction raised £54.5 Million from the sale of 65 lots

• £54.5m raised from the sale of 65 lots at a success rate of 80%, at an average lot size of £839,000
• Largest lot sold was Archbishop Tenison’s School, The Oval sold at £7.87M
• 18 lots sold for £1m or more

Allsop, the UK’s largest property auction house, raised £54.5 million from the sale of 65 lots at its July commercial auction, representing a success rate of 80% and an average lot size of £839,000.

Reflecting one of the commercial teams’ best results in over 12 months, the July auction also saw 18 lots sold for £1 million or more. This sale brings the total raised so far this year to £291.3m with 350 lots sold and 85 lots achieving prices in excess of £1m, reflecting an overall success rate of 88%.

The largest and most competitive lot sold on the day – the Archbishop Tenison’s School in Kennington – raised £7,870,000, and consists of the former school on a 1.2-acre site overlooking the world-famous Oval Cricket Ground.

Other highlights include:

• Lot 25 – Gloucester, Busy Bees nursery let until 2039 with annual RPI linked reviews. Sold for £1.1m (7.2%) for a Fund
• Lot 31 – Mansfield.  A mixed use, tertiary industrial investment on a 6.7 acre site.  Sold for £1.7m (11%)
• Lot 42 – Inverness.  A KFC drive-thru restaurant let until 2041 with fixed uplifts.  Sold for £950,000 (6.6%)

Lot 25

Lot 31 

Lot 42

The bulk of the lots sold were retail, confirming buyers’ appetite due to the consolidation of the sector.

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

“There seems to be a sense of calm following the predicted result of the General Election, with less anxiety about the path of interest rates, as buyers sought out the better stock.

“Selling the former school overlooking The Oval was a highlight as it is a high-profile site and the process drew out various special purchasers including The Duchy of Cornwall and others who had been interested in buying it for some time – sadly we can only sell it once!

“We set a new high for retail in Scotland with the Inverness KFC Drive Thru achieving a 6.6% yield in fierce competition, which just confirms how keen buyers are to add well let, secure and modern assets to their portfolios right across the UK.”

Allsop’s next commercial auction takes place on September 24^th 2024.