Allsop has announced details for their third commercial property of 2016, which will take place on 16 May at The Berkeley in Knightsbridge, London.

The total rental income from the 214 lots on offer is in excess of £11.4m per annum from vendors including Praxis Real Estate, UBS, BDO and CBRE Receivers.

The commercial auction team have already achieved a combined total of £174m reflecting a success rate of 91% at their two auctions this year and the forthcoming auction is certainly looking like it will strengthen these figures.

The catalogue, which can be viewed by clicking here, consists of 70 lots located within London and South East generating £5.2m per annum in rents.

Some 38 lots are offered with guide prices at or in excess of £1m, 27 lots are offered on behalf of Receivers, there are 11 Bank Investments, 10 Parades of Shops, nine Office Investments, five Industrial Investments and a single Multiplex Cinema.

Investors keen on any of the properties on offer can now create a personalised “watch lists” from “matches” specific to their requirements on the Allsop website. 

Most recent auction 

Keen interest from buyers in the packed ballroom of The Berkeley ensured Allsop raised £98.1m, with an 87% success rate at their March commercial auction, bringing the Q1 results to £170m, a 55% increase over Q1 in 2015.

The largest lot sold on the day was Lot 24, a parade of 13 shops with flats and garages in Mottingham, South East London. The property, which had a guide price of £2.5m, sparked a strong bidding battle and eventually sold to a private investor for £3.35m.

A further 23 £1m lots across the UK were sold, varying from retail, office, leisure and car park investments, including six lots for over £3m.

The demand for long term secure income was also very clear, with the successful sale of a portfolio of NCP car park investments. Four sites, each let on leases expiring in 2037, with fixed rental uplifts, were sold on behalf of an investment company, at an average yield of 4.9% net.

Mixed use buildings too, attracted renewed interest, possibly as a result of recent adverse taxation changes in the “buy-to-let” sector. Demand in the South East remains strong, with over £57m raised in the region (46% of the volume of lots).

Duncan Moir, Auctioneer and Partner commented: “The pool of active investors would appear to be increasing, given the ongoing low interest returns to savers. The opportunity presented to sellers by the strength of demand is very clear, particularly in the South East.”

He continued: “With average retail yields on the better quality investments hardening to below 6% for the first time in six years, the outlook for sellers is encouraging. We were delighted to have secured so many first rate results for our clients.”