Allsop racked up sales of £34m at its July commercial auction, with the 55 lots sold reflecting a success rate of 65%.
Ten lots sold for in excess of £1m, with three lots – including a 32,640 sq ft multi-let office property in Bradford city centre, which was guided at £3m-£3.25m (pictured) – selling for £2m+.
George Walker, partner and auctioneer at Allsop, said: “Given the industry-wide slump in transactions and the barrage of unsettling headlines we’ve all been subject to on a daily basis for the past few months, the market environment remains challenging. Notwithstanding that, buyers are still prepared to pay a premium on assets offering strong and reliable income streams in good locations across the spectrum once they’ve done their research and feel comfortable to commit.
“Accurate pricing is more important than ever, and we remain in constant dialogue with our active buyers, who along with the sales data prove to be an invaluable source of information which allows us to continue delivering high volumes of transactions despite the market headwinds.
“We expect to see a continuous repricing of assets over the course of this summer as interest rates rise look set to rise, delivering over 5% risk-free cash returns on deposits. It’s never been more important for real estate assets to be priced correctly to offer attractive returns to investors.”
