The first major commercial auction
to take place after the EU referendum was held by Allsop Commercial on 6 July, and
signs were that little had changed, with 82% of the lots on offer being sold at
a total of over £63 million. Of those, 17 sold for in excess of £1 million
each.
Highlights of the auction
included a freehold corner building in London W2 comprising three shops and
nine flats, which sold for £2.4 million (the highest sale price of the day) at
a yield of 4.2% and a parade of six shops, six flats and the potential for
further residential development in Fleet, Hampshire, which raised £1.695
million at a yield of 7.13%.
Partner and
Auctioneer Duncan Moir commented: “Our auction attracted more attention than
usual, with people watching closely for an indication of market sentiment
following the EU referendum. Pleasingly it was very much business as usual,
with confident and competitive bidding from the start.
“The motivations of our buyers do
not appear to have changed, with properties that are well let, well located or
offer potential to add value all continuing to attract strong interest.
Encouragingly demand remains high, with 78% of buyers expressing a desire to
buy again at auction in the next 12 months.”
Other notable lots on
the day included a 45,519 square foot industrial unit in Newcastle-under-Lyme
which raised £1.15 million at a yield of 11.1% and a Co-operative food store in
London SW19 and let until 2030 at £57,00 per annum, which sold for £1.065
million at a yield of 5.06%
Allsop Commercial’s next auction will take place
on Monday 10 October at The Berkeley, Wilton Place, London SW1X 7RL.