A development site in Taunton, Somerset, comprising two plots covering 9.3 acres was the largest lot sold at Allsop’s February commercial auction.
The lot, which sold for £2.62m, was one of 97 sold on the day – a success rate of 85%. Almost £39m of retail lots were sold, with 21 achieving a NIY of or below 5%. Some 16 lots were sold for £1m-plus.
Allsop partner and auctioneer George Walker said: “We successfully raised nearly £60m at our latest sale – the biggest one since before lockdown – which is just the shot in the arm that a nervous market has been waiting for.
“The February auction saw a broader-than-usual mix of assets, including ground rents, retail parades and standalone retail assets, sold on behalf of councils, asset managers, funds and a gambling company, offering cash buyers ample opportunities to secure attractive assets with income-generating potential.
“This result should provide the market with a much-needed boost of confidence as rates settle following the shocks experienced last year.”
Other highlights included:
- Lot 5 – Barking. A large shop let to Boots UK until 2030. Sold for £2.55m (3.3%)
- Lot 14 – Twickenham. Comprising two shops and 13 flats. Sold prior to auction at £2.51m(7.45%)
- Lot 18 – Bloomsbury, WC1. Comprising a betting office with four flats above (two vacant). Sold prior for in excess of £2.25m (5.5%)
- Lot 23 – Burnley. Comprising two industrial units totalling 39,343 sqft. Sold for £1.9m (9%)
Allsop’s next commercial auction will take place online on 23 March.
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