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Allsop’s October residential auction achieved £42 million

Allsop achieved a total of £42.5 million from 155 lots at its residential auction on October 25.

This equates to a success rate of 76%, well above the industry average of 69%, which brings the firm’s residential auction sales total for the year to £349 million with a success rate of 78%.

London saw the most buying activity with 54 lots sold achieving £17 million, followed by the South East, which saw 32 lots raising a total of £7.8 million.

Lot 50, the largest lot of the sale, was offered on behalf of receivers. The six-bedroom Grade II listed triplex apartment of over 6,280 sq ft overlooking Regent’s Park features the building’s original six-storey staircase and a single garage. It was guided at £7 million and was sold after auction to an owner occupier.

Another highlight in London, lot 18, was a freehold, semi-detached house of multiple occupation (HMO) townhouse in Kilburn, north west London, which sold for £980,000.

Development and investment opportunities with the potential for office to residential permitted development proved to be popular with investors. Lot 45A, a four-storey office building in Chelmsford, Essex, had prior approval for a conversion to 27 apartments and was sold in excess of its guide price of £3.1 million.

Outside of London and the South East, lot 208, a square of shops, creche, nightclub and 19 self-contained flats with a car park in Lowestoft, Suffolk, achieved £900,000.

Elsewhere, lot 126, a highly sought-after freehold block of 24 flats located in Newcastle-under-Lyme sold for £930,000. With a rental income of £94,064 per annum – or a yield of 10.1% gross – this represented a strong investment opportunity.

“Despite all of the caution surrounding Brexit and the political landscape, both buyers and sellers were clearly there to do business,” said Gary Murphy, partner and auctioneer at Allsop.

“The success rate of the sale continues to improve post auction, with the team having secured contracts on unsold lots. It seems that in the present market, some buyers prefer to wait on their hands and negotiate afterwards.”

Allsop’s next residential sale will be held on December 13 2018 at The Cumberland Hotel, Great Cumberland Place, London W1H 7DL.

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