Allsop Residential’s second auction of 2017, held at the Cumberland Hotel on 30 March, raised a total of over £54 million at an average of £368,000 per lot. With 223 lots in the catalogue, the auction achieved a success rate of 71%.  

The biggest selling lot on the day was a former health centre in Greenford, Middlesex (Lot 26). With potential for redevelopment, it sold for £2m, more than twice its guide price. It was one of five properties in the auction to be sold for over £1 million.  

Partner and Auctioneer Gary Murphy commented: “As ever, the catalogue was very diverse, both geographically and with regard to the types of properties available, but the common theme was the importance of pricing. In particular, higher value assets and poorer quality lots, for which the pool of bidders is likely to be more limited, needs keener pricing. Where lots were priced sensibly, they saw competitive bidding, with many going under the hammer well in excess of the reserve.  

“Having sold £17 million in value prior to the auction, and with deals still being done on the remaining lots, the auction process has also proved a successful catalyst for sales before and after the event itself. Notably, distressed sales were at the lowest level for a number of years, which is a good sign of an improved economy.”  

Other notable sales included a mid terrace office and retail unit with permitted development in Staines – with a guide price of £295,000, it was sold for £410,000. Meanwhile, a freehold building in Sydenham comprising seven flats (one vacant) and currently producing £87,952 per annum, was sold for £1.95 million, and two vacant units in shell condition in a Grade II listed building in Paddington, with planning permission to create a single two bedroom property, raised £1.15 million against a guide price of £810,000.  

Entries are now being taken for Allsop Residential’s next auction, which will take place at the Cumberland Hotel, Great Cumberland Place, London W1 on 25 May.