Allsop has enjoyed one of its
biggest ever October auctions, selling 220 out of the 276 lots on offer at a
total of £148.5 million, representing a success rate of close to 80%.
The highest value lot on the day
was a department store in Bishop’s Stortford. Let to Marks & Spencer plc
until 2027 at a rent of £394,996 per annum. It sold for £7.275 million at a Net
Initial Yield of 5.09%.
Auctioneer George Walker commented: “There was tremendous depth of demand in
the room from both UK and overseas investors across all sectors. Demand for
long income was strong, resulting in some impressive prices being achieved such
as for Lot 92, a Prezzo in Buckhurst Hill let until 2045. Investor demand for
covenant strength and location was also very clear…The auction room clearly has
access to a wide range of private investors.”
Other notable lots on
the day included: a parade of 21 shops and upper parts in Smethwick, West
Midlands, which sold for £4.47 million (5.74%); an industrial unit in Brent
Cross, located next to the North Circular Road and let on a new lease until
2027, which sold for £2.69 million (5.24%); and the landmark former Jubilee
Hotel in central Leeds, which sold for £1.9 million, £400,000 above its asking
Allsop Commercial’s final auction in 2017 will
take place at The Berkeley, Wilton Place, Knightsbridge, London SW1X 7RL on
Tuesday 5 December. on Tuesday 17 October.