Allsop Commercial went into the summer break by selling 128 lots at their July auction, raising a total of £80.44 million. That represents a success rate of 72%, with 23 of the lots selling for over £1 million.
The highest value lot on the day was ashop in Staines-upon-Thames; let to Poundland until 2020 at a current rent of £145,000 per annum, it sold for £2.4 million at a yield of 5.68%.
Auctioneer Duncan Moir commented: “The continued negative press surrounding the High Street is causing buyers to be more selective, but there is still plenty of demand for correctly priced retail assets. Competition amongst cash rich investors for the more attractive investments, be it location, value add or income driven, was clearly as broad based as ever.”
Other notable lots on the day included: a school extending to 8,661 sq ft in Mitcham with future residential potential – let at £108,440 per annum until 2030, it sold for £2.27 million (4.49%); a Halifax Bank in Enfield, let at £95,000 per annum until 2031 without breaks and with residential potential on the upper floors, sold for £2.13 million (4.2%); and a Co-op convenience store in Grimoldby, Lincolnshire, let at £72,000 per annum until 2033, without breaks and with 5 yearly CPI linked increases, sold for £1.42 million (4.78%).
Allsop Commercial’s next auction will take place at The Berkeley, Wilton Place, Knightsbridge, London SW1X 7RL on Tuesday 16 October.