Private investors seeking deals on beleaguered high street retail investments helped Allsop raise £72.3m at its July commercial auction this week, reflecting a 79% success rate.
Allsop said that, despite negative headlines, retail investments were among the best-performing assets on the day, with 22 premises, including shopping centres and high street shops, selling for more than £1m.
One of the highlights was a bank building on Camden High Street (pictured), let to Lloyds Bank until 2022 with four self-contained flats, which sold prior to auction for more than the £5.5m guide. The 18-store College Walk Shopping Centre in Rotherham, Yorkshire, which currently generates an annual rent of £528,250, sold prior to auction for more than £3.5m.
However, the gloom surrounding UK retail and political uncertainty caused by Brexit continued to affect sales. Allsop sold 94 of the 119 lots offered at the sale – a significant fall on the same auction the previous year, when the firm sold 150 of the 180 lots offered, raising £91.7m and reflecting a success rate of 84%.
“This strong result shows that there is tremendous liquidity in the market, but buyers do have a great deal of choice and they are as informed as ever, which puts an emphasis on correct pricing,” said Allsop auctioneer George Walker.
Allsop’s next commercial sale will be held on 23 October at The Berkeley, Knightsbridge, SW1.
