Allsop Commercial’s May auction sold 136 lots at a total of £80 million and with an impressive success rate of 82%. 15 of the lots were sold for over £1 million.
The highest value lot on the day was aretail unit in London E1; with a current gross rent reserved of £200,000 per annum, it sold for £3.3 million at a Gross Initial Yield of 6.06%.
Partner and Auctioneer George Walker commented: “Despite the recent negative press surrounding the retail sector, the auction room was very well attended with a higher than usual number of first time buyers keen to acquire income producing assets. The depth of bidding was particularly strong when they believed in both the location and the tenant.
“With 96% of buyers expressing a desire to buy again in he short to medium term, we are looking forward to our next sale in July.”
Other notable lots on the day included: a shop in Beaconsfield let to WH Smith Retail Holdings Ltd until 2024 and with residential potential to the upper floors which sold for £2.06 million (3.54%); a petrol filling station and convenience store in Leatherhead, currently earning £161,639 per annum with annual 2% uplifts, which raised £2.5 million (6.08%); and a trade counter in Orpington let on a new 20 year lease at £100,000 per annum raised £1.78 million (5.29%).
Allsop Commercial’s next auction will take place at The Berkeley, Wilton Place, Knightsbridge, London SW1X 7RL on Tuesday 3 July.