It was business as usual for Allsop Commercial amidst the continuing political uncertainty, as their July auction raised £72 million at a success rate of 79%. 21 of the lots on offer were sold for more than £1 million.
The biggest sale was a Lloyds Bank in Camden, NW1. With four flats above, and the potential to create further residential, it sold for nearly £6 million, representing a Net Initial Yield of 4.5%.
With competitive bidding throughout the day, some strong prices were achieved, most notably for mixed use properties; meanwhile, restricted supply meant that prices for properties in London and the South East also received a boost.
Other notable lots on the day included: a JD Wetherspoon pub in Sutton Coldfield – let at £100,00 per annum until 2035, it sold for £1.66 million (5.65%); a substantial store in Berkhamsted let to Boots at £169,950 per annum, which raised £3.2 million; and a vacant former Lloyds Bank in London SW5, with flats above sold on long leases, went for £3 million.
Allsop Commercial’s next auction will take place at The Berkeley, Wilton Place, Knightsbridge, London SW1X 7RL on Wednesday 23 October.