Allsop raised more than £34m at its July commercial sale, taking its total for the year to date to £244m.
The auction saw a 65% success rate, with 55 lots sold, including three at £2m-plus.
The largest lot to sell was Scorex House (pictured), a 32,640 sq ft multi-let office building in the centre of Bradford, majority let to NHS Property Services. It was guided at £3m-£3.25m
Allsop partner and auctioneer George Walker said: “Given the industry-wide slump in transactions and the barrage of unsettling headlines we have all been subject to on a daily basis for the past few months, the market environment remains challenging.
“Notwithstanding that, buyers are still prepared to pay a premium on assets offering strong and reliable income streams in good locations across the spectrum once they have done their research and feel comfortable to commit.
“Accurate pricing is more important than ever, and we remain in constant dialogue with our active buyers, who, along with the sales data, prove to be an invaluable source of information which allows us to continue delivering high volumes of transactions despite the market headwinds.
“We expect to see a continuous repricing of assets over the course of this summer as interest rates look set to rise, delivering over 5% risk-free cash returns on deposits. It has never been more important for real estate assets to be priced correctly to offer attractive returns to investors.”
Other highlights of the sale included:
- A Grade II listed shop and residential investment in Cheltenham, sold for £2m (8% GIY)
- A convenience store and flat in Wiltshire, let to Bestway Retail until 2037, sold for £380,000 (5.65% GIY)
- A supermarket in Haywards Heath, let to Iceland Foods until 2024, sold for £1.27m (6.7% GIY)
- A shop in Birmingham, let to Coffee #1 until 2036, sold for £558,000 (7.3% GIY).
Allsop’s next commercial auction will be held on 19 September.
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