Allsop raises £88m across two days of auctions
Allsop has raised £87.8m from its commercial and residential auctions this month.
The commercial sale raised almost £51m from 63 lots at a success rate of 80%. Highlights included a 12,439 sq ft office in Holborn, WC1, which sold for £5.5m and an industrial estate in Burton-on-Trent, part let to Howdens Joinery, which sold for £2.7m.
Allsop’s residential auction raised £36.8m from the sale of 82 lots at a success rate of 78%, with eight lots selling for more than £1m.
Allsop has raised £87.8m from its commercial and residential auctions this month.
The commercial sale raised almost £51m from 63 lots at a success rate of 80%. Highlights included a 12,439 sq ft office in Holborn, WC1, which sold for £5.5m and an industrial estate in Burton-on-Trent, part let to Howdens Joinery, which sold for £2.7m.
Allsop’s residential auction raised £36.8m from the sale of 82 lots at a success rate of 78%, with eight lots selling for more than £1m.
Highlights included an unbroken street of 22 freehold houses and two freehold mixed-use buildings on Dock Road in Sharpness, Gloucestershire, which sold for £2.5m from a guide price of just over £1.5m.
The latest auctions bring the total raised by Allsop for the year-to-date to £977.8m, including £413m from commercial auctions and £564.8m in residential auctions.
George Walker, partner and commercial auctioneer at Allsop, said: “The then-pending government Budget announcement cast a cloud over the market, but on the day buyers responded well. We saw many familiar faces bidding for the first time in a few years – a clear sign they see the market improving from here.
“Rates clearly won’t be falling as fast as some had suggested, with the Budget introducing new inflationary pressures. However, they are falling, which should strengthen demand for our final sale of the year on 11 December.”
Richard Adamson, managing partner and residential auctioneer at Allsop, added: “Since the release of our November auction catalogue, we have had an autumn Budget, a US election, and an interest rate reduction – plenty for investors to digest. Despite this, our sale was incredibly successful, achieving a 78% success rate, which far outstrips the market norm.
“In the past three weeks, we have sold almost £100m of residential property under the hammer, demonstrating once again the resilience of the residential property market and reinforcing growing confidence in the sector.”
Allsop’s next residential auction takes place on 18 and 19 December.
