Allsop raised £84m and an 81% success rate at its first commercial auction of the year.
The sale, held at The Berkeley hotel, SW1, on 5 February, offered lots with reserves from as little as £1 to £12m.
The auctioneer sold 22 lots for more than £1m, with the average achieved coming in at £2.4m. The event also saw Allsop achieve its highest ever price on a single lot, with the headquarters of iconic magazine The Lady selling for £12.4m.
The property, lot 87, was one of the most sought-after investments offered: a freehold office and residential investment at 39-40 Bedford Street, WC2. The 11,140 sq ft building, received considerable interest from more than 20 parties and competitive bidding in the room.
The second highest lot to sell at auction was lot 85, a long leasehold car park investment in Marylebone, NW1. Located close to Regent’s Park, the 75-space car park with a total area of 28,914 sq ft, sold for £3.9m.
The appetite for mixed-use assets was also strong with a parade of six shops, an office and 13 flats in Goring-by-Sea, West Sussex, selling for £2.8m – a 7.25% yield.
The sale also included that of the Postings mall in Kirkcaldy, a half-vacant shopping centre that was offered with a £1 reserve by Columbia Threadneedle and sold for £310,000 – a 50.29% yield – to a private investor.
Buoyant mood
Allsop partner and auctioneer George Walker said: “In spite of ongoing uncertainty in the UK market, the auction room was full of buyers chatting and competing with each other. The mood amongst investors was buoyant.
“One lot in particular saw a dozen people bidding in the room and online, before selling to a bidder on the phone.”
Allsop’s next commercial sale will be held on 26 March at The Berkeley.
Listen to an interview with George Walker at www.estatesgazette.podbean.com
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