Amidst continuing political and economic uncertainty, Allsop Commercial has reported a positive result for its May auction, selling 97 lots at a total of £58 million. 14 of the lots on offer raised over £1 million.
The highest value lot sold on the day was a multi-let office in Wolverhampton. Extending to 41,874 sq ft and with an annual rent of £328,872, it sold for £3.4 million, representing a Net Initial Yield of 9.08%.
There was a notable increase in the number of new buyers in the room compared to the March auction, and the result was a strong level of demand for properties that are well let or have opportunity to add value. As ever, correct pricing proved key to achieving a sale.
Other notable lots on the day included: a mixed use building in London SW15 with a shop and four flats – with total rents of £146,060 per annum, it sold for £2.3 million (5.97%); a vacant former bank in Northwood, with the upper floors sold on long leases, raised £1.56 million at a capital value of £480 per square foot; and a distribution warehouse in Oldham let to Tuffnells at £88,500 per annum until 2023 was sold for £1.2 million (6.96%).
Allsop Commercial’s next auction will take place at The Berkeley, Wilton Place, Knightsbridge, London SW1X 7RL on Tuesday 9 July.