Allsop Commercial has achieved
its biggest May auction in 10 years, raising £114 million at a success rate of
81%. 167 lots have now been sold, 30 of which were for over £1 million, and
nine of which were for more than £2 million.
The day’s biggest sale was a very
attractive public house in Brighton, let to a Greene King subsidiary and
earning an income of £307,971 per annum with fixed annual increases, which sold
for £4.1 million at an initial yield of 7%.
Partner and
Auctioneer Duncan Moir commented: “We were delighted to secure many significant
results for our clients and the strong prices achieved are a good reflection of
the current demand for commercial and mixed-use property.
”There was a notable increase in
the number of new buyers since our March auction, many of whom were motivated
by the more favourable SDLT rates, when compared to the buy-to-let sector, and
the wide range of properties and returns available. Concerns surrounding the
outcome of the imminent European Referendum would appear to be having little
effect.”
Other notable lots on
the day included a retail parade comprising shops, flats and garages in
Nottingham, which sold for £2.2 million (8.58%), and a parade of shops in Burnt
Oak, London, which was sold across five separate lots for a total of £3.42
million, at an overall net initial yield of 4.67%.
Allsop Commercial’s next auction will take place
on Wednesday 6 July at The Berkeley, Wilton Place, London SW1X 7RL.