Allsop defied economic jitters to raise £58m last week, its highest residential revenue since February 2009.
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Allsop defied economic jitters to raise £58m last week, its highest residential revenue since February 2009.
The two-day sale, at The Cumberland, W1, on 25 and 27 May, sold 85% of 396 lots. Buyers snapped up receivership lots, which made up more than half the catalogue.
Housing association stock and keenly priced London lots also provoked serious bidding. Auctioneer Gary Murphy said: “We were particularly encouraged by the strong attendance on each of the two days and the determination of bidders to compete.”
London properties in golden locations remained firm favourites with investors.
Notable sales included a long leasehold, fifth-floor, unmodernised two-bedroom flat in Ashley Gardens, W1, which sold for £761,000 off a guide of £650,000-£700,000.
A shop with four vacant flats above in Paddington Street, W1, sold on behalf of trustees for £1.8m from a guide of £1.5m-£1.7m. A house in multiple occupation with 14 rooms let on unknown terms in Amhurst Park, N16, guided at £600,000-plus, made £700,000 for the receivers.
Yields on assured shorthold tenancies closed at 8.23%; assured tenancies 3.73%; regulated tenancies 3.26% and, on ground rents of more than 80 years, at 5.61%.
estelle.maxwell@estatesgazette.com
