High value lots were a particularly strong factor as the residential market got a welcome boost at Allsop Residential’s first auction in 2018, which took place on Thursday 15 February. 172 lots were sold at a success rate of 74%, raising £75 million with an average lot size of £436,000. 18 of the lots on offer were sold for in excess of £1 million at a total of £41.72 million  

Those totals were helped by a new residential record of £8 million for a single lot sold under the hammer. The property in question was a freehold office building in Rickmansworth with permitted development rights for conversion to provide 71 residential units; a neighbouring building with separate PDR for conversion to provide 36 residential units sold for £4.4 million.  

  Other notable sales included a Grade II listed former castle in Gronant, North Wales – with a 12-bedroom mansion and nine flats, it sold for £1.5 million; two detached blocks comprising 34 self-contained apartments close to the beach in Newquay, Cornwall, which raised £1.675 million; and a vacant five storey building in Hampstead, London NW3 with potential for extension and/or conversion that was sold for £2.5 million.  

  Entries are now being taken for Allsop Residential’s next auction and should be submitted by 2 March. The auction itself will take place at the InterContinental Hotel, One Hamilton Place, Park Lane, Mayfair, London W1J 7QY on Wednesday 28 March.