Allsop raised £60.4m at its commercial property auction held on 17 May, with 83 lots selling, representing a success rate of 84%.
Highlights included a attractive Grade II listed shop investment in Cheltenham, sold for £1.216m (5.9%): three shops in St Albans with ancillary accommodation above and a large yard to the rear, which sold for £2.41m (3%); and a multi-let industrial estate in Ipswich (pictured), comprising 14 units totalling 30,421 sq ft, which sold for £2.46m (9%).
George Walker, partner and auctioneer at Allsop, said: “Agents are widely reporting low deal volumes and ever lengthening transaction times, so it is refreshing to report a solid auction market where we raised the most since September last year – the recent peak of £130m in one sale.
“As always, the breadth of stock sold touched nearly every sector, with strong demand for the best retail, industrial and alternatives which include two nurseries let to Busy Bees with buyers chasing yield. There were some strong prices paid with a quarter of the lots selling at 6% or better, once again confirming the cash that investors are ready to deploy for the right investment.”
Combined with the £46.5m raised on 11 May by Allsop at its first ballroom residential property auction since before the pandemic, the auction house raised more than £100m in one week.
Scott Tyler, senior partner at Allsop, said: “That we have raised more than £100m in one week is a testament to Allsop’s reach across the UK property sector. Our market-leading auctions teams have unparalleled depth of vision into the commercial and residential markets by virtue of transacting so many deals, providing our clients across auctions and private treaty a much more up-to-the-minute analysis of what is shaping investor interest.
“Both the residential and commercial auctions teams’ success, whether ‘in the room’ or online, demonstrates the importance of understanding exactly where the market is, including pricing, and providing best-in-class advice to clients based on that insight.”
Richard Adamson, Allsop partner and residential auctioneer, added: “Representing our largest May sale since 2019 and our best success rate for almost a year, our most recent auction and our first back in the room since pre-pandemic reflects both the attractiveness of the auction sale and our reach within the market. That we and our commercial auction colleagues have together raised more than £100m in one week demonstrates that there is cash out there for property priced correctly, and adds to our understanding of the markets across the UK.”
