Allsop has raised more than £70m from the sale of 79 lots in its July commercial auction.
Lots offered included a mix of retail, with high street, convenience and roadside assets, as well as hospitality, pharmacy, industrial, residential and medical investments across the UK.
Of the larger lots sold, the majority are located in London. Some 20 were sold for £1m or more, with an average of £2.3m.
Key highlights included a well-located Grade II listed medical and residential investment in Devonshire Place, W1 (pictured), with current gross rent reserved at £381,600 per annum, which sold prior in excess of its £8.25m guide price. A 5,213 sq ft investment let to Boots until 2026, sold for £1.9m – a 3.68% yield, and a petrol station on a five-acre site on the A36 in Romsey, let with a guarantee from Co-op until 2027 with annual 2% rental increases, sold prior to the auction in excess of its £2.55m guide price.
Partner and auctioneer George Walker said: “We saw a strong appetite for the larger lots at the July auction, where buyers demonstrated confidence to buy on the basis of the unconditional auction contract, providing a quick, reliable and efficient completion of transaction.
“We have also seen a continuation in trends as various tenant companies successfully acquired their freeholds at auction. Although these have proved challenging to sell by private treaty, we were able to conclude the deals within the three-week marketing period.”
He added: “We have had a busy first half of the year, even though the market has had to adjust to a new era of inflation and the soaring cost of living. When we return in September for our next online auction, we hope to have increased political stability and much-needed clarity on the economic situation, giving buyers and markets guidance and confidence to invest in UK commercial real estate.”
So far this year, Allsop has raised £293m in its commercial auctions, through the sale of 362 lots.
Allsop’s next commercial property auction will take place online on 20 September.
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