Allsop Commercial’s second auction of 2017 took place at Claridge’s on 27 March and raised over £87 million at a success rate of 84%. A total of 131 lots have now been sold from the catalogue, with 25 going for £1 million or more and eight for over £2 million.

The highest value lot was a purpose built industrial unit on a 7.7 acre site in Halifax (Lot 101), which sold for £4 million at a Net Initial Yield of 11.38%, while a health centre and pharmacy situated on a substantial site in Norwich with rents totalling almost £160,000 per annum raised £2.9 million (5.18%).  

Partner and Auctioneer George Walker commented: “We were delighted to see another well attended auction room with many cash buyers seemingly attracted by the shortage of supply in the wider market and the ease of buying at auction. Again, high levels of competitive bidding helped our clients to achieve some excellent results, indeed many of whom were simply seeking the speed and certainty of an auction contract, following protracted private treaty negotiations. Whilst others had recognised the current demand/supply imbalance and were happy to take a trading profit following a recent acquisition.”  

Other notable lots on the day included a Busy Bees children’s nursery in Stevenage (Lot 95) which sold for £1.94 million (6.68%), a Grade II listed Lloyds Bank in Stow-on-the-Wold (Lot 80) which sold for £1.08 million (4.70%) and two shops in Wood Green, London N22, with a maisonette above and lapsed consent for nine residential flats, which raised £2.45 million (4.72%).

Allsop Commercial’s next auction will take place on Monday 23 May.