Allsop’s latest residential auction, which took place on October 26, posted a £61 million sales total, taking the property auction house’s total sales for the year to date to £367 million.
In 2017 so far, the combined residential and commercial auction total is now up to £868 million after the October auction.
The catalogue at the latest auction provided bidders with a broad range of options, with residential development opportunities proving especially popular.
Lot 16, a freehold site in Clapham North offered on behalf of South London and Maudsley NHS Trust, ended up being sold for £3.44 million from a guide price of £3 million. Situated next to Lambeth Hospital and previously used as office space and a rehabilitation centre, the site is ripe for conversion into a scheme of townhouses.
Meanwhile, lot 38 – which had a guide price of £700,000 – witnessed a final bid of £860,000. Ukams House, a 5,000 sq ft office building in Dartford, Kent, has the potential to be transformed into 12 new apartments, subject to a permitted development application.
Elsewhere, an 18-flat block near Leeds - Savoy Court in Stanningley – raised £1.59 million, while lot 251, 16 student flats in Cardiff, saw bidding finish at £1.18 million. This city centre investment, known as Westminster House, was sold on a single lease and currently produces £172,664 per annum. It shows an initial yield of 14.6%.
“This was a very varied catalogue by value and location,” Gary Murphy, auctioneer and partner at Allsop, said. “We experienced strong demand for well-priced stock. Good quality investment opportunities outside London were fought after.”
He added: “Despite widespread acceptance that the higher end of the central London homes market has cooled off, we saw strong bidding for single units in the mid-price ranges up to around £2 million.” For example, lot 17 – a purpose-built flat in Vestry Court, Westminster – raised £800,000, while lot 71, a freehold maisonette in Burnaby Street, Chelsea saw a final bid of £1 million.
Overall, October’s auction achieved a 71% success rate and full results can be viewed here.
Allsop’s next residential sale will be held on Thursday December 14 2017 at the Cumberland Hotel in London (W1). Entries are now being welcomed and will be accepted up until November 20.