Allsop’s latest residential auction raised £21m more than its previous sale, driven by strong interest in empty offices with potential for conversion under permitted development rights.
The sale on 29 October achieved a 75% success rate, with 175 of 235 lots selling, raising £71.1m.
Four vacant office buildings with potential for conversion into homes under PDR sold for £13.5m prior to the sale.
Auctioneer and partner Richard Adamson said there was “a strong appetite” for this type of lot following the government’s decision last month to make the PDR regime permanent.
The highest bid of the day was for two adjacent terraced properties on Welbeck Street, W1, one of which contains offices with permission to convert into flats. A hotelier fought off bids from foreign buyers and private investors to buy the lot for £5.9m.
The sale took place at the Cumberland Hotel, W1.
