Allsop’s March commercial auction raised £52.6m on 82 lots sold, a success rate of 75%.
The auction also saw 13 lots sold for in excess of £1m, with eight sold in excess £2m.
The largest lot to sell was a neighbourhood parade in Orpington, comprising 35 shops and four maisonettes, which was purchased for over £4m.
Other highlights included six neighbourhood parades sold on behalf of the London Borough of Bromley (one pictured, above) for a total of £9.5m; four shops in Wood Green let to tenants including Bank of Scotland, TRAID and Clarks, which sold for more than £6.7m; 27 betting office properties, let to William Hill, sold for circa £4.6m; and a freehold mixed-use leisure and office investment in Woolwich, partially let to Wetherspoons until 2044, which sold at £2.36m.
Allsop partner and auctioneer George Walker said: “The last two weeks have thrown yet more hurdles in the way of financial markets, and whilst some investors hesitated, many carried on building their portfolios for the long-term, making their cash work for them through well-secured real estate.
“With the bank rate having risen to 4.25%, one would hardly expect the market to pay that for a let investment, but this is the yield we achieved for the Boots in Streatham, sold at £2.75m, to a buyer who was keen on the long-term residential upside offered by this asset.”
Allsop’s next commercial auction will take place online on 17 May.
To send feedback, e-mail newsdesk@eg.co.uk or tweet @EGPropertyNews
