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.