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 itself.   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.  

Partner and 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.