Allsop wraps up 2024 with £456m in commercial auction sales
Allsop raised more than £35m at its final commercial auction of the year, with 71% of the almost 70 lots on offer selling.
The largest lot sold was a vacant 5,696 sq ft office building in Mayfair, W1, which was purchased prior to auction for more than £5.5m.
Other notable sales include a Farmfoods supermarket in Mansfield, Nottinghamshire, let on a new 20-year lease at a rent of £120,000 per annum, which sold for £1.7m – a 6.4% yield – and a 13,646 sq ft industrial estate in Bristol, which sold for £1.7m.
Allsop raised more than £35m at its final commercial auction of the year, with 71% of the almost 70 lots on offer selling.
The largest lot sold was a vacant 5,696 sq ft office building in Mayfair, W1, which was purchased prior to auction for more than £5.5m.
Other notable sales include a Farmfoods supermarket in Mansfield, Nottinghamshire, let on a new 20-year lease at a rent of £120,000 per annum, which sold for £1.7m – a 6.4% yield – and a 13,646 sq ft industrial estate in Bristol, which sold for £1.7m.
The £35m achieved at Allsop’s final commercial auction brings the total raised by the auctioneer this year to £456m. Allsop has sold some 576 lots over 2024, reflecting a success rate of 88%.
The price of an average lot sold by auction this year has increased to £790,000 from £685,000, according to Allsop’s data, with 131 commercial lots selling for in excess of £1m.
George Walker, partner and commercial auctioneer at Allsop, said: “While the prime minister outlines his growth agenda, activity within the commercial property sector remains subdued with commercial volumes at lower-than-usual levels in the last quarter. We have, however, seen a surge of new entrants competing for commercial stock, which is commonly very price-sensitive.
“To have raised almost half a billion pounds in a year full of economic and political turbulence is testament to our fantastic team, and we look forward to welcoming in 2025 with continued hope and expectation.”
Allsop’s next commercial auction will take place online on 6 February 2025.
