Allsop Commercial’s first auction in 2016
raised nearly £66 million, with a success rate of 81%. Of the 112 lots sold, 16
were for in excess of £1 million, making it Allsop’s biggest February
Commercial sale since 2007.
The highest value achieved was for a large
retail parade adjoining Ruislip Manor Underground Station, which sold for £7.2
million (Net Initial Yield: 3%), making it Allsop Commercial’s largest
individual sale since March 2007.
Partner and Auctioneer Duncan
Moir commented: “This sale was a great start to the year for our clients, and
gives us an encouraging indication of what we might expect to see in 2016.
Demand for the larger lots in the South East was very clear, with prices being
pushed to levels significantly ahead of expectations.
“The appetite also extended away from the
South East, which helped the sale of a 15-lot portfolio across the UK on behalf
of Receivers, all of which sold raising 40% more than the pre-sale estimates.”
Other notable sales on the day
were a retail parade in Reading whild sold for £2.01 million (7.64%); a bank
and shop with consent for 7 flats in Brentwood which sold for £1.9 million
(4.58%); and a 2.1 acre industrial site in Grimsby which sold for £1.355
Allsop Commercial’s next auction will take place
on 21 March at The Berkeley, Wilton Place, London SW1X 7RL.