Allsop nudges £500m with latest auction sale

Allsop raised £52m at its November commercial auction pushing its year-to-date total close to £500m. The firm sold 90 lots at its latest auction with buyers continuing to show interest in a range of commercial property assets, including pharmacies, veterinary practices, nurseries, and roadside properties. Key highlights at the latest sale included an 9.7-acre industrial site in Scunthorpe let to International Automotive Components Group until 2024, which was the largest lot to sell on the day, with the gavel coming down at £4m – a 10.5% net initial yield – and a TSB Bank in Tottenham, let until 2027, which sold for £1.33m – a 3% net initial yield. Partner and auctioneer George Walker said: “In the current market environment, cash remains king, making us particularly well placed to transact and creating liquidity in an otherwise cautious market. “Despite the market uncertainty and the wait-and-see approach adopted by some investors in the aftermath of the infamous mini-Budget announcement, our team has raised a whopping £52m at our latest commercial auction – a testament to our ability to read the market and price assets in line with the expectations of our buyers, while ensuring the seller gets a fair price. This latest auction brings its total sales for 2022 to more than £488m, with 616 lots sold since the start of the year – an 87% success rate. Of the lots sold, some 163 have gone for in excess of £1m. Allsop’s next commercial auction will take place online on 8 December.