Allsop Commercial’s final auction
of 2016 took place over two days, making it one of their biggest ever December
sales, and raising over £119 million in the process at a success rate of 77%. Of
the 173 lots sold from the catalogue, 40 were sold for in excess of £1 million,
while 12 raised more than £2 million.
The highest value lot sold in the
room was a parade of shops, including a Tesco convenience store, in Kentish
Town, London NW5, which was sold for £4.06 million, at a net initial yield of
5.27%. That sale reflected a notable trend for strong competition for lots that
were well let, well located, or which had potential for increased value.
Auctioneer Duncan Moir commented: “We were delighted to finish what has been a
fantastic year with another positive result for our clients, the result brings
our yearly total to 962 lots sold raising £606m and reflecting an overall
success rate of 87%, compared to 791 lots, £449m and 90% in 2015.”
Other notable lots on
the day included a multi-let industrial estate in Southend; with 22 units
currently bringing in over £180,000 per annum, it sold for £2.66 million (6.51%).
A town centre parade of five shops, plus offices and flats, in Reigate, with a
total rent of £195,000, sold for £3.275 million (5.63%), while a prominent car
park currently let to DHL and with development potential in Hounslow, near Heathrow
Airport, raised £3.1 million (4.55%).
Allsop Commercial’s first auction
in 2017 will take place on Tuesday 7 February at The Berkeley, Wilton Place,
London SW1X 7RL.