Allsop, the UK’s largest property auction house, raised £64m at its September commercial auction – a new record for live-streamed commercial auctions in the UK, achieving a success rate of 74%.
The highest-value transaction was a multi-let office with residential planning permission in Bromley, which sold for £3 million, reflecting a capital rate of circa £175psf. A total of 24 lots sold for £1 million or more, while 34 lots achieved prices at least 10% above their reserve. The average lot size was approximately £695,000.
Other notable sales included a retail warehouse and autocentre in Banbury, let to Halfords until 2030, which achieved £2.61 million (7%) and a freehold shop and maisonette on Kensington Park Road in Notting Hill which sold for £2 million (4.5%).
Allsop successfully marketed and sold lots on behalf of a broad spectrum of vendors, including Aberdeen Investments, Threadneedle, Funeral Partners, London Metric, NHS Property Services, as well as private property companies and private investors. Allsop’s September auction demonstrated the overall resilience of investor demand and continued appetite to buy commercial real estate throughout the country and across a variety of sectors. Of the lots sold, 52% were located outside of London and the South East, contributing 35% of the total sales value. The retail sector remained dominant, accounting for 68% of lots sold and 62% of the overall value.
Allsop’s latest buyer survey indicated strong demand going forward with 93% of respondents expressing an intention to buy again. Notably, 86% were repeat buyers, and 86% stated they did not intend to use finance, marking a significant increase from July, when 65% of investors planned to transact in cash.
This auction brings Allsop’s year-to-date commercial sales to £270 million across 402 lots, with an overall success rate of 83% and 83 lots achieving prices of £1 million or more.
Alex Neil, Commercial Auction Partner at Allsop, said: “We’re delighted to have raised £64 million at the UK’s largest ever live-streamed commercial auction – a clear sign that buyer demand and confidence in well-priced opportunities remain strong. Our live-streaming platform proved an overriding success for all involved, building on the achievements of our residential auction counterpart. This result takes our year-to-date commercial sales to £270 million and reinforces the resilience of the market.”
Allsop’s next commercial auction should guarantee fireworks – it will be live-streamed on Wednesday November 5.
