Allsop raised £47m from the sale of 52 lots at its first commercial auction of 2024, reflecting an 80% success rate.
Twelve lots sold for £1m or more, with the largest lot being Larkswood Retail Park in Chingford (pictured), which sold for more than £7.m prior to auction. The largest lot to sell on the day raised £5,710,000, making it the largest commercial lot sold on the day of an auction by Allsop since The Lady magazine’s office in Covent Garden sold for £12,400,000 in February 2019.
Allsop said the most popular lots at the commercial auction saw strong competition from upwards of 10 bidders each.
George Walker, partner and commercial auctioneer at Allsop, said: “It is always invigorating for us and clients to see larger lots with so much competitive bidding, often after some months on the market with little success. The auction buyer’s mentality is clear: they are seeking value or opportunity and can be very driven where they see the right mix in which to invest their cash.
“Lack of supply continues to be one of the greatest challenges that motivated buyers face, which itself drives competition to the better lots. Neither the changing political landscape this year nor the costs of money impacts their appetite to buy, so provided the price is right we see this demand continuing. With that in mind, we look forward to building the next auction catalogue which will be released on 1 March.”
Allsop’s next commercial auction takes place on 21 March.
