The Allsop Commercial Team raised more than £60m following their final auction of 2015 held on the 8th December, reflecting a success rate of 86%. 107 lots have now been sold, including 14 for over £1 million and 4 for over £2 million.
The highest value lot sold in the room was an office building in New Malden. Extending to 14,105 sq ft, let at £196,000 per annum and with residential potential under permitted development rights, it sold for £3.75 million (Net Initial Yield: 4.94%, Price per sq ft: £266).
Other significant lots included a shop and flat in London SW14, which sold for £875,000 (3.78%); a Kwik-Fit in Sheerness, which sold for £845,000 (5.63%); a Sainsbury's Local convenience store in Pinner, which sold for £1.51 million (8.74%).
Nine convenience stores investments were sold, along with five bank investments, ten betting shop investments, five industrial investments and five dental practice sale and leasebacks.
Duncan Moir, Partner and Auctioneer, commented: "The strength of demand is very clear. The lack of quality income in this low interest rate climate is putting a premium onto the better investments. Lot 23, for example, a freehold Kwik-Fit in Sheerness, which was sold at auction in early 2015 at 6.25% was offered, and the competition in the room pushed this to 5.6%, an improvement over a period of only 10 months. The year closes with a record 90% success rate, which augurs well for 2016."
Entries are now being accepted for Allsop Commercial's next sale, which will be held on Monday 8th February 2015 at The Berkeley, London.