Allsop’s eighth and final commercial auction of the year raised more than £61m, following the sale of 119 lots.
It was the best annual result since 2017, reflecting a success rate of 90% – the highest since March 2020.
The last commercial auction of the year saw unprecedented buyer interest, with 360 investors taking part in the sale – a 40% increase in participants over Allsop’s previous record.
Retail assets remained in high demand, with 83% of all lots sold being retail premises. Some particularly well-located investments, such as a retail unit in Windsor, Berkshire, let to Crew Clothing on a five-year-lease, were sold for £1.21m, reflecting a NIY of 5.8%.
The largest lot to sell was a freehold industrial estate in Stockton-on-Tees, which sold for more than £4.3m.
A freehold convenience store in Aldridge, in the West Midlands, let to Co-Operative Group Food (lot 27, pictured), sold at £1.15m (4.9% NIY). And a freehold shop and residential investment in Wallington, south London, comprising two shops and six self-contained flats with development potential, sold at £1.8m (5.4% NIY).
George Walker, partner and auctioneer at Allsop, said:“Our last commercial auction of the year was marked by highly competitive bidding and unprecedented levels of investor activity, which can be in part attributed to the ongoing recovery of the retail sector.
“Despite the challenges and uncertainty posed by the pandemic, we continue to see reassuring levels of demand for commercial property across the country.”
Allsop commercial auctions have raised more than £570m since the start of the year, selling 806 lots, with an overall success rate of 92%.
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