Allsop’s eighth and final commercial auction of the year was also its best annual result since 2017, reflecting a success rate of 90% - the highest since March 2020 and saw unprecedented buyer interest, with 360 investors taking part in the sale,
demonstrating a 40% increase in participants over Allsop’s previous record.
Retail assets remained in high demand, reflecting the continuous recovery of the sector, with 83% of all lots sold being retail premises. Some particularly well-located investments, like the Windsor retail unit, let to Crew Clothing on a five-year-lease, were sold for £1.21m, reflecting a NIY of 5.8%.
Highlights included Lot 66, a freehold industrial estate in Stockton-on-Tees, comprising 12 units, sold for £4.3m prior to the auction, The Mitcham shopping parade, London – a mixed-use parade of 23 ground floor units, presented as 18 separate
lots, sold individually for a total of £3.53m (average NIY of 7.5%), and Lot 25 – a freehold shop and residential investment in Wallington, comprising two shops and six self-contained flats with development potential, sold at £1.8m (5.4% NIY).
George Walker, partner and auctioneer at Allsop, said: “Our last commercial auction of the year was marked by highly competitive bidding and unprecedented levels of investor activity, which can be in part attributed to the ongoing recovery of the retail sector. Despite the challenges and uncertainty posed by the pandemic, we continue to see reassuring levels of demand for commercial property across the country, evidenced by the £570m raised by our team this year, with a success rate surpassing 90%.”
Allsop’s next commercial property auction will take place online on 3 February 2022.
