Property auction house Allsop raised £54.5m from the sale of 65 lots at this month’s commercial auction, making an 80% success rate with an average lot price of £839,000.
 
In one of the commercial team’s best results in over 12 months, the July auction also saw 18 lots sell for £1m or more bringing the total raised so far this year to £291.3m with 350 lots sold: 85 lots exceeded £1m.

The largest and most competitive lot this time round – the Archbishop Tenison’s School in Kennington and its 1.2 acre site overlooking The Oval cricket ground  – raised £7.87m.

Other highlights included a Gloucester nursery let until 2039 sold for £1.1m; a 6.7 acre industrial site in Mansfield sold for £1.7m; and in Inverness a KFC drive-thru restaurant let until 2041 with fixed uplifts, selling for £950,000.

George Walker, partner and commercial auctioneer at Allsop, says: “There seems to be a sense of calm following the predicted result of the General Election, with less anxiety about the path of interest rates, as buyers sought out the better stock.
 
“Selling the former school overlooking The Oval was a highlight as it is a high-profile site and the process drew out various special purchasers including The Duchy of Cornwall and others who had been interested in buying it for some time – sadly we can only sell it once!
 
“We set a new high for retail in Scotland with the Inverness KFC Drive Thru achieving a 6.6% yield in fierce competition, which just confirms how keen buyers are to add well let, secure and modern assets to their portfolios right across the UK.”

Allsop’s next commercial auction takes place on September 24.