Allsop Commercial’s first auction
of 2017 raised close to £58 million at a success rate of 82%. 121 lots have now
been sold from the catalogue, with 12 going for £1 million or more and £11 million being raised before the auction
The highest value lot sold in the
room was a town centre opticians in Epsom (Lot 85), with a dental practice and
flat above, which sold for £1.68 million at a Net Initial Yield of 4.86%. The
biggest sale from the catalogue, however, was an unbroken retail parade in
Basildon comprising 15 shops and nine flats, which was sold prior to auction
for £2.57 million.
Auctioneer Duncan Moir commented: “This was an encouraging start to the year,
continuing the strong finish we experienced in 2016. The demand for secure
income remains a feature of the market, as cash-rich investors hunt for
improved returns. Sellers of quality stock benefitted greatly from this demand
with competition keeping the pressure on yields.”
Other notable lots on
the day included a children’s nursery in Putney (Lot 83) which sold for £1.46
million (6.13%), a fully let industrial estate in Basingstoke (Lot 44) with net
rents of £117,752 per annum which sold for £1.51 million (7.35%) and a care
home in Holywell Lake (Lot 21), let with RPI linked rent reviews until 2024,
which sold for £685,000 (5.82%).
Allsop Commercial’s next auction will take place
on Monday 27 March at Claridge’s, 49 Brook Street, Mayfair, London W1K 4HR.