Allsop Commercial held its largest sale of the year yesterday, raising £56.3m.
The auctioneer offered 131 lots at the sale at the Park Lane hotel on Piccadilly, W1, with 94 selling, reflecting a 72% success rate.
Prices averaged £598,494.
Larger lots sold well, with 15 out of 20 £1m-plus industrial and retail assets trading hands.
London and the South East continued to perform, raising £32m, while the regional market also put in a strong showing, raising £24m.
Distressed assets were well received, with 33 of the 43 receivership lots on offer selling, to raise £22m.
Auctioneer Duncan Moir said: “There was a higher volume of receiverships in this sale as the banks are coming to understand how auction is an efficient route for dealing with a big volume of this sort of stock.”
There was a notable uplift in demand for asset management opportunities, provoking heated bidding on a number of retail and industrial investments.
The largest lot of the sale was a shopping centre in Huyton, Merseyside. It was guided at £2m and sold on behalf of receivers for £2.4m.
A multi-let industrial investment with development potential in Isleworth, Middlesex, producing £100,286 pa, also sparked a bidding war, selling for £1.5m – almost three times its guide.
