Allsop & Co’s lastest commercial auction has spectacularly highlighted increasing activity in the secondary property market. Held on Tuesday and Wednesday of this week, the sale raised £27m – the highest total achieved at a single auction for five years.
The type of properties on offer reflected the willingness of buyers to bring fresh stock to the market. There was no shortage of interest: around 70% of the 142 lots on offer found buyers – about average for commercial sales this quarter.
The best price of the day was achieved by a unit let to Midland Bank in Sittingbourne, Kent, which sold for £800,000. The sale price reflects an 8.5% yield.
EGi News 17/10/96
