An unbroken parade of nine shops and flats in north London was sold for £7.6m last week, helping Allsop to a £44.3m total from its 2 May commercial auction.
The portfolio on Seven Sisters Road, N15, had been catalogued individually but was sold as one lot prior to the auction.
On the day, buyers competed hard on stock in all sectors and bought 55 lots, with 14 selling for £1m or more. The average lot size across the 55 lots was £805,000 and the success rate was 75%.
London’s appeal was clear as part of the rush to quality, with the competition intense for a shop and residential asset on Queensway, W2, which sold at £2,215,000 – £733 per sq ft.
However, there was no chance to bid for the iconic Soho home of Bar Italia on Frith Street, W1, which had been placed into the auction by receivers, as it was withdrawn prior for the second time in a year.
Regional investors fought hard to secure a new Asda in Sutton Coldfield which was built by the seller and offered with a lease at £70,000pa with CPI increases, expiring in 2037. Six bidders competed for the lot which sold at £1,260,000, a 5.2% net yield.
Auctioneer George Walker said: “The market is still very hard to read as talk of falling rates recedes. Buyers are chasing quality and opportunity and are prepared to compete for the right assets.
“The total of £45m was made up of a wide range of opportunities, from investment grade convenience stores to mixed use retail and industrial investments and even some development sites from National Grid.”
Allsop’s next sale is on 22 June.
Photo © Allsop
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