"The increase in volume is likely to be due to vendors that lacked confidence at the beginning of the year, returning to the market"
Auctioneer, Allsop, has announced that its residential auction on the 28th March will feature over 275 lots, up 50 lots than March last year.
The catalogue comprises a wide range of properties from across the country. Lot 40, a former golf driving range in Greater Manchester is the highest value lot to go under the hammer and is one of 25 investments guided at £1m+. The 6.5-acre site, which is located in Didsbury, one of the most affluent parts of the city, comes with outline planning permission for 75 houses. It is guided at £6.8m.
The second highest value lot in the catalogue is lot 61, a purpose-built block of 22 self-contained flats in Horsham, West Sussex, guiding at £6m.
Lots with the potential for permitted development rights continue to attract competition in the auction room, and lot 58 will be of particular interest among bidders. A freehold chapel in Surrey, with permitted approval for change of use from office space to 18 residential units, is guided at £1.6m+.
The student accommodation sector also remains highly desirable for investors, and likely to attract much of this attention are lot 133 and lot 134. Situated in Liverpool, both student houses are high-quality Georgian terraces, located in the desirable Georgian Quarter, and offered at £425,000 and £1.9m respectively.
In London, lot 103, a sought-after Grade II listed mid-terrace building in Paddington, is one of ten properties being auctioned by Allsop, having been bequeathed to the Dogs Trust in a donor’s will. Four other properties in London and five in Somerset are also to go under the hammer, with the proceeds to be donated to the charity.
Richard Adamson, Partner and Auctioneer, Allsop said: “The success of our February auction provided a boost of confidence to the market, especially in London and the South East. The March catalogue builds on this, boasting more than 50 lots compared to this time last year.
The increase in volume is likely to be due to vendors that lacked confidence at the beginning of the year, returning to the market. This is coupled with lots from sellers that have become frustrated by long, protracted private treaty sales and are turning to the auction room for its efficiency in concluding a transaction.
The catalogue includes a wide selection of investment and development opportunities from across the UK, and we anticipate fierce competition for realistically priced assets.”