A vacant bar and nightclub in Dalston, E8, offered on behalf of a receiver, attracted 128 bids before selling for £2.54m in the latest Allsop residential sale.
Fifteen parties registered to bid for the freehold corner property on Kingsland Road (lot 40) with 10 flats on two floors above, in further proof of the continuing strong demand for lots with re-development potential. Eight of the flats are let on ASTs. It was guided at £1.5m to £1.6m.
This was the highest value sale in Allsop’s 31 March online auction and helped push the total to £40.6m, a 30% increase on year-on-year sales.
Richard Adamson, partner and auctioneer at Allsop, said: “The residential market has shown real strength over the past 12 months, with supply struggling to keep up with the demand from investors, developers and end users.
“This level of interest has been illustrated by the results achieved in our past five auction sales, each having outstripped the results from the previous year. Our March sale proved to be no different, with the total of £40.6m representing a 30% increase on this time last year, which was at the onset of the pandemic.”
Some 117 lots found buyers from 148 offered, a success rate of almost 80%. However, close to 40 lots were withdrawn prior.
The most popular lot was a two-bedroom mid terrace house in Battersea (lot 34), SW11, which secured 198 bids before selling for £728,000 from a guide of £530,000.
A Grade II listed mansion and Grade II listed gate house in Monmouth (lots 70 and 71), also proved to be very popular. Originally guided at £800,000 and £250,000 respectively, the buildings attracted fierce bidding and sold for £1.7m and £337,000.
Other successes included a five-storey building in Notting Hill, W11, (lot 28) arranged as five flats each let on ASTs. It sold for £2.4m, a gross yield of 4.67%.
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