Allsop raised more than £25m at its first June commercial auction in 20 years, taking its lockdown commercial auction tally since mid-March to £107m.
The latest sale was added as an extra date due to client demand and the flexibility afforded by online auctions. It achieved close to a 90% success rate, with 43 lots out of 48 offered finding buyers. This included four sales concluded shortly after the 16 June auction. Some 16 lots were withdrawn prior.
The highest sale price was achieved by a freehold bank investment in Derby, which sold for £2.1m.
A number of investment opportunities were available, including high street shops, freehold convenience stores, public houses and retail warehouses throughout the UK.
George Walker, partner and auctioneer at Allsop, said: “The wider market has yet to really recover its momentum since lockdown began. Having said that, we are pleased to have exchanged on over 160 sales since the end of March, bringing our total during the lockdown period to £107m.
“At the June auction, the buyer base was as wide as ever: private investors were clearly enticed by the higher yields on offer after several months of pent-up demand. Once again, we saw a large volume of both corporate and private tenants buying their tenanted properties, clearly demonstrating their belief in the forthcoming recovery.”
Highlights included:
- A freehold restaurant investment on Abbey Road, NW8, sold for £950,000 with a net initial yield of 6%
- A freehold warehouse investment in Stockport, Cheshire, let to Topps Tiles, sold after, off a guide price of £1.3m
- A freehold warehouse investment in Sutton-in-Ashfield, Nottinghamshire, let to Halfords and Papa John’s until 2027 and 2035 respectively, sold prior off the guide price of £1.65m
Allsop will be hosting its next commercial auction on 21st July.
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