Despite the challenging market conditions, further exacerbated by the mini-Budget and interest rate increases, buyers continued to show interest in a range of commercial property assets, including pharmacies, veterinary practices, nurseries, and roadside properties.
The November auction brings Allsop’s total sales for 2022 to over £488m, with 616 lots sold since the start of the year, and 163 lots selling for in excess of £1m, reflecting an overall success rate of 87%.
Highlights of the auction included Lot 65 - an industrial site of 9.7 acres, let to International Automotive Components Group Ltd. until 2024, and the largest lot to sell on the day, at £4m (10.5% NIY), Lot 8- a bank investment located in Tottenham, let to TSB Bank until 2027, sold for £1.33m (3% NIY), Lot 10 - a veterinary practice in Beckenham let to Medivet Group Limited until 2032, sold for £1.57m (5.1% NIY), and Lot 17- a nursery in Harrow, let to Monkey Puzzle Day Nurseries Ltd until 2047, sold for £1.41m (5.4% NIY)
George Walker, Partner and Auctioneer at Allsop, said: “Despite the market uncertainty and the wait-and-see approach adopted by some investors in the aftermath of the infamous mini-Budget announcement, our team has raised a whopping £52m at our latest commercial auction – a testament to our ability to read the market and price assets in line with the expectations of our buyers, whilst ensuring the seller gets a fair price.
"In the current market environment, cash remains king, making us particularly well placed to transact and creating liquidity in an otherwise cautious market. We look forward to our final sale of the year next month.”
