Allsop sets residential record with September sale

Allsop raised raised £139.4m over a four-day period through separate commercial and residential auctions held in September despite tough market conditions. The 24 September commercial auction raised £46.7m from the sale of 75 lots at a success rate of 75%. This brings the total raised so far this year to £346m, with 440 lots sold and 98 lots achieving prices in excess of £1m. The overall success rate to date for the year is 87%. Retail made up just over half of the sales in the September auction, with highlights including an industrial estate in Nottingham which sold for £4.6m. It is made up of 13 units on a 3.1-acre site and is let at £342,440 per annum. The three-day residential auction from 25-27 September was the UK’s largest ever residential auction sale, with £92.7m raised from the sale of 371 lots at a success rate of 89%. Highlights included the sale of three freehold blocks of flats in Harlesden, NW10, which sold for just under £4.5m from a guide price of just under £4.3m. A freehold block of flats in Shipley, West Yorkshire, which saw 23 parties register to bid, sold for just over £1m from a guide price of £450,000. George Walker, partner and commercial auctioneer at Allsop, said: “Despite some uncertainty in the market, particularly among high-net-worth individuals – the traditional auction buyers – who seem likely to be impacted by the government’s ‘broad shoulders’ policy in the chancellor’s first budget, investor interest has remained robust. “The competition for top-tier properties is strong, signalling a clear shift toward high-quality assets. Demand at this level runs deep, and we remain optimistic about a strong final quarter to close out the year.” Richard Adamson, managing partner and residential auctioneer, said: “This is the largest ever residential auction sale, beating our own record set in May 2015. The market continues to be challenging but there are clearly signs that there is growing confidence as more buyers return to invest in residential property. While our auction is a good barometer to where the market truly is, pricing is still key.” Adamson said Allsop’s next residential sale, on 21-22 October, was already shaping up to another big sale in part due to some sellers looking to exit the market before the Autumn Budget. September highlights Residential Lot 28 – Harlesden, NW10 – three freehold block of flats sold for £4,488,000 from a guide price of £4,250,000 Lot 227 – City Road, Sheffield – freehold block of flats sold for £1,310,000 from a guide price of £200,00 Lot 339 – Shipley, West Yorkshire – freehold block of flats containing 17 flats sold for £1,005,000 from a guide price of £450,000 Commercial Lot 8 – Kensington Church Street, W8 – freehold shop and office investment sold of £3,005,000 Lot 45A – Acorn Park, Nottingham – freehold industrial estate investment sold for £4,630,000 (pictured) Lot 18 – The Killingworth Centre, Newcastle – long let public house investment with RPI-linked rental increases sold for £2,175,000 Allsop’s next residential auction will take place on 21-22 October and its next commercial sale on 5 November. Image © Allsop