Over £90m raised within one week through residential and commercial online auctions

• Over £90m raised within a week: Tuesday’s commercial auction raised £51.5m while the 16^th July residential auction raised £41.9m
• At Tuesday’s commercial auction two lots (in Soho and in Barkingside) both sold for over £3.5m
• 18 commercial lots sold at over £1m, with an average price of £1.85m

Allsop has achieved over £90m worth of realised assets as a result of its residential and commercial auctions held during a single week in July, making it one of the highest ever combined totals achieved at online auction. The commercial auction on 21^st July saw a swathe of new buyers looking to secure long-term income and making bids at pre-COVID pricing levels, with many of the 102 lots having attracted strong bids well ahead of the event.

George Walker, Partner and Auctioneer, said:

“Between the two Allsop auction teams, we have exchanged on over £90m worth of properties in the last week, selling 241 assets with the vast majority having only been on the market for a little over two weeks.  The prices paid on 21^st July were mostly at pre-Covid levels, as investors buy for the long-term. One high street asset (lot 26 in Oswestry), with long bank income, sold at a better yield than was achieved from assets in the same portfolio in 2018: at 4.9% against the 2018 average of 5.25%.   A portfolio of long leases to Kwik Fit sold at an average yield of 4.5 %, reflecting the thirst for income from buyers.  Despite the shock to the market which Covid-19 brought, we have managed to harness the best digital platform and move the sale process to a new age of efficiency and certainty, with the unconditional auction contract at its centre.”

Commercial auction lot highlights

• Of the bigger lots, lot 3 Berwick Street, Soho and lot 10, a development opportunity in Barkingside, both sold for over £3.5m.
• A list REIT sold a portfolio of six multi-let industrial investments, with lot 32 in Maidstone selling at 6.1%, a little under the £2m guide price.

The next online-only commercial property auction will take place on 22^nd September.

For full results Visit: https://auctions.allsop.co.uk/