Allsop sold its first multi-million pound commercial auction lots online this month, with 13 selling for £1m-plus.
It reached a total of £38m on the day of its 19 May sale, including a £7m office block in Tottenham, N17, sold prior. This rose to more than £40m by the end of that week, with 42 of 48 lots finding buyers – an 88% success rate. Excluding the £7m sale, the average is still £806,000, circa 15% above its norm.
Thirty lots sold “in room”, raising £19.6m, including a freehold medical investment on Old Street, EC1. Four parties placed 32 bids before it sold for £1.7m, a 5.25% yield.
Auctioneer George Walker said the “genuine fear” felt in March had now gone, but added: “The market is not very deep with buyers. Of our database of 46,000 investors, 1,000 were interested but only 280-300 got involved. Not everyone has the cash.”
Sales post-auction include an investment comprising six shops and seven maisonettes on a retail parade in Crayford, Kent, which sold for £2.1m – an 8.6% yield.
To send feedback, e-mail julia.cahill@egi.co.uk or tweet @EGJuliaC or @estatesgazette
