Allsop has raised £43m through the sale of 146 lots at its April residential auction, including a Margate investment which fetched double its guide.
The freehold terrace of four buildings in the seaside town is arranged as 23 flats, which produce an income of £167,100 a year. Following bidding from more than 30 parties, it went on to sell for £1.78m from a guide of £800,000.
The sale last Thursday notched up a success rate of 90%.
Other properties on offer ranged from a freehold apartment building in Barnsley to a fully let, mixed-use corner building in Spitalfields, east London, and a property consisting of nine one-bedroom flats in Acton, west London, that sold for more than £2m.
Richard Adamson, managing partner and residential auctioneer, said: “We are continuing to see signs of growing confidence in the market with more buyers returning in response to a less turbulent economic backdrop in comparison to 2023. There is clearly strong demand for income-producing investments across the country and value-add opportunities, although pricing is key.”
April auction highlights:
Lot 18: 1-3 High Street, Acton – comprising nine self-contained one-bedroom flats producing £127,200 per annum, with one flat vacant. The property sold under the hammer for £2,015,000, reflecting a GIY of 6.31%.
Lot 20: Spitalfields, E1 – a freehold four-storey corner building, comprising a retail unit and five letting rooms. Fully let, it produces an income of £109,320 per annum and sold under the hammer for £1,330,000, reflecting a GIY of 8.21%.
Lot 108: Barnsley, South Yorkshire – a freehold detached block of flats internally arranged to provide 12 two-bedroom self-contained flats. The property generated significant interest, with 38 bidders registered, going on to sell for £730,000 from a guide of £275,000+.
Allsop’s next residential auction will be live-streamed on 9 May.
Image © Allsop
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