Having experienced one of the
busiest commercial rooms seen this year, Allsop Commercial’s July sale raised
£83.5 million across 142 lots sold, representing a success rate of 84%. 23 of
the lots were sold for over £1 million, reflecting high levels of investor
interest in larger lots and well let retail assets.
The highest value lot on the day
was a city centre office building in St Albans. Fully let at £388,844 per annum
and with future residential conversion potential, it sold for £7.1 million at a
net initial yield of 5.1%.
Auctioneer Duncan Moir commented: “With the General Election behind us,
investors returned to the auction room with renewed vigour and optimism to
compete for income-producing assets across the UK. High value lots were amongst
the strongest performers. The experience we have in selling larger lots by way
of multi-channel auctions is second to none – with over £100 assets so far this
year having sold for in excess of £1 million – and no let up in demand in
sight, with 96% of our buyers saying they would like to buy again.”
Other notable lots on
the day included: a substantial shop in London E6 let to WH Smith at £111,800
per annum until 2028 without breaks, which sold for £2.26 million (4.65%); two
shops in Harrow let to Vodafone and Hutchison 3G at a total rent of £150,00 per
annum, which raised £2.6 million; and a supermarket with car parking in Derby,
let to Iceland Foods Ltd until 2029 without breaks at £70,000 per annum, which
sold for £1.21 million (5.46%).
Allsop Commercial’s next auction will take place
on Tuesday 17 October.