Allsop Commercial enjoyed their biggest sale of the year so far, selling 180 lots at their October auction, raising a total of nearly £100 million. That represents a success rate of 73%, with 21 of the lots on offer selling for over £1 million.
The highest value lot sold on the day was ashopping centre in Dudley. Let on the basis of 34 leases/licences, and with additional income from a car park, it sold for £4 million.
Auctioneer George Walker commented: “To raise nearly £100 million demonstrates the depth of private investor demand at a testing time for capital markets everywhere. Buyers are being selective and correct pricing remains a key to achieving a sale.
“Interestingly, our buyers survey showed a large increase in the number of new buyers in the room, and encouragingly 9 out of 10 buyers are looking to buy again in the next 12 months.”
Other notable lots on the day included: a well located restaurant in London SW17 with a large self-contained maisonette above – with total rents of £70,600 per annum, it sold for £1.34 million at an initial yield of 4.97%; a parade of 12 shops, a convenience store and 13 maisonettes in Maghull, Merseyside raised £2.3 million (8.72%); and a parade of eight shops and maisonettes in Welling, offered as eight separate lots and producing a total income of £159,604 per annum, sold for a total of £2,632,500 at an average yield of 5.72%.
Allsop Commercial’s final auction for 2018 will take place at The Berkeley, Wilton Place, Knightsbridge, London SW1X 7RL on Tuesday 4 December.