Allsop sold an impressive 88% of lots offered in its online commercial sale on 19 May, raising £38m.
Investors snapped up a total of 41 lots from 47 offered, of which 10 sold prior, 30 “in room” and seven post-auction at the time of writing. Eleven lots were withdrawn prior to the sale.
Of the 30 sales conducted under the virtual hammer on the day, five sold for £1m-plus.
The highest price was achieved by a freehold shop, office and residential investment on a busy corner of Barking Road, E13 (lot 15). It sold for £2m, a 6% yield.
Five bidders placed a total of 39 bids, starting at £1.6m, for the 10,559 sq ft asset, which includes a post office and four flats. The main commercial tenant is a travel business occupying space in the basement through to the second floor. However, the buyer is likely to be eyeing the potential for residential conversion on the first and second floors.
A freehold medical investment on Old Street, EC1 (lot 6), pictured, also attracted highly competitive bidding, with four parties placing 32 bids starting at £1.5m. The eventual sale price was £1.7m, a 5.25% yield. The 1,779 sq ft property is let to the Central London Osteopathy and Sports Injury Clinic until 2033.
A freehold multilet office investment in Farnborough, Hampshire (lot 18), with potential for residential conversion, sold for £1.3m, a 5.88% yield. Four parties placed a total of 64 bids.
A Vision Express store with two flats above in Wood Green, N22 (lot 18A), sold in just one bid for £1.4m, a 6.55% yield. The property offers the potential to add a further studio flat, subject to consent.
The final lot to sell for in excess of £1m was a virtual freehold medical warehouse investment on Knowsley Industrial Park, Liverpool (lot 29), which sold for £1.4m – a yield of 8.47%.
The property comprises two industrial units providing 85,000 sq ft of warehousing and offices for medical waste processing. The space is let on two leases to SRCL – part of the Stericycle group – until 2029.
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