Investor appetite for London properties made a welcome return at Allsop Residential’s latest auction, which took place on Wednesday 28 March. 159 lots were sold at a success rate of 73%, raising £59.7 million with an average lot size of £375,000. That performance represented an improvement on Allsop’s residential auction at the same time in 2017.  

Properties with residential development potential and offices with permitted development rights were also popular with buyers. A prominent office building in Bedford with PDR for conversion to provide 15 flats sold for £1.61 million, while a similar opportunity in Luton with PDR for 19 flats raised £1.45 million.  

  Other notable sales on the day included: a freehold building in Kilburn, London NW6 arranged as 10 self-contained flats – producing £100,790 per annum with two flats vacant, it sold for £2.145 million; a reversionary ground rent investment secured upon 180 flats and 19 houses in Sutton Coldfield raised £930,000; and a leasehold flat in Kensington subject to a regulated tenancy and producing £23,400 per annum was sold for £1.89 million.  

  Entries are now being taken for Allsop Residential’s next auction and should be submitted by 4 May. The auction itself will take place at the Cumberland Hotel, Great Cumberland Place, London W1 on Thursday 31 May.