Allsop has raised £46.6m from the sale of 52 lots at its latest commercial auction.
The sale featured a greater concentration of bigger properties, with 15 lots valued at more than £1m and an average lot size of £897,000.
The largest of these was Rochdale Exchange Shopping Centre, which was knocked down at almost £5m, far exceeding its guide of £3.5m.
This was Allsop’s final sale of 2023 and it brings its total for the year to £431m from the sale of 647 lots.
Other highlights included:
- Tesco leasebacks in Enfield and Sandy, Bedfordshire, which achieved £1.95m and £822,500, respectively;
- a WHSmith store in Chiswick, W4, which sold for £2.4m;
- an independent veterinary practice in Wendover, Buckinghamshire, which sold at £1,250,000; and
- two industrial units – a 9,300 sq ft space in Honiton (lot 58), which sold for £830,000, and a 17,680 sq ft unit in Leominster (lot 58), which achieved £1.06m.
Head of Allsop’s commercial team George Walker said: “Buyers seem to be taking advantage of the increased yield available to build their portfolios at a time when there is continued uncertainty around rates and inflation. They are chasing a strong initial yield on their cash, which seems to be plentiful given the correct price point.
“Next year, no doubt, we will see more sellers accept that the market has moved hugely in the last 12 months and to attract buyers they need to meet buyers’ expectations. This will allow the market to work.”
Allsop’s next commercial auction takes place on 8 February 2024.
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