Allsop Commercial’s March auction
sold 118 out of the 164 lots on offer at a total of £60 million and with a
success rate of 75%. 13 of the lots were sold for over £1 million.
The highest value lot on the day
was a mixed use building in Fitzrovia, London W1T, comprising offices and a
maisonette. With total current rents of £92,600 per annum and a vacant office,
it sold for £3.5 million (2.48%).
Auctioneer George Walker commented: “During a week of difficult news from the
High Street, it was encouraging to see such an appetite for secure income and
well located assets, which saw several sales achieve yields down to 3%. Buyers
are clearly proving resilient and this, combined with the continuing shortage
of supply in the market, should continue to provide sellers with the
opportunity to achieve some excellent prices.”
Other notable lots on
the day included: an NCP car park in London W2, let without break until 2037
and with annual RPI linked increases, sold for £2.5 million (3.11%); a well
located restaurant in Brighton let until 2037 sold for £1.8 million (5.49%);
and a bank in Kings Heath, Birmingham, let to Bank of Scotland plc until 2031
without break raised £1.01 million.
Allsop Commercial’s next auction will take place
at The Berkeley, Wilton Place, Knightsbridge, London SW1X 7RL on Tuesday 15 May.