Allsop achieves record sale at its September residential auction

Allsop achieves record sale at its September residential auction

Allsop provided a welcome boost to market confidence last week, raising £71.3m and topping residential September sales records since 2008.

Against a backdrop of weak post-summer auction results elsewhere in the UK, Thursday’s residential auction put the market leading auctioneer more than £12m ahead of its 2016 September sale.
 
The largest lot of the catalogue to sell under the hammer was Lot 50, Albion House, Church Lane, Kingsbury, London NW9. This multi let B1 office building of 9,633 sq. ft. was offered with permitted development rights (PDR) for conversion to 17 flats. Initially guided at £2.5m, stiff bidding between remote and in room interest took the hammer price to £3.2m.
 
In addition, Lot 33, a 3.93-acre site at Hitchin Road Industrial Estate in Arlesey – currently occupied by a 22,572 sq. ft. office building and seven warehouses totalling 40,861 sq. ft. (GIA), with permitted development granted to provide 39 apartments –  offered on behalf of Anglian Water, went for £2.95m from a guide of £2m.
 
The highlight of the auction was Lot 80, an unmodernised three-bedroom house in St Ives offered on behalf of the local authority, Devon & Cornwall Housing Association (DCH) for £1.44m from a guide price of £625,000+.


Gary Murphy, Partner and Auctioneer at Allsop commented: "Despite all that's been thrown in the path of buyers over the past year, the market is anything but inactive. We're experiencing some very healthy competition in our rooms and it's encouraging to see that bidders are not shy of the higher value lots. At each successive Allsop sale, the multi-million-pound stock is emerging as the biggest crowd puller. As ever, our challenge is to match reserves to buyer sentiment. But get that right and the sky's the limit."
 
Permitted development has been a very active area for us” said Murphy. “Our buyer base has been extremely receptive to office to residential opportunities. The impact of the recent extension of PDR to the light industrial sector will be interesting. We expect to be offering an even broader choice to developers at forthcoming sales. Watch this space."
 
Despite recent controversy regarding aggressive charging, ground rents remain popular. Income multipliers are stable and investments with regular reviews along with opportunities for management income and insurance commissions, remain sought after. Lot 10, a purpose-built block arranged to provide 74 apartments, in Leeds and producing £17,488.69 pa, sold for £445,000 reflecting a 3.9% yield (25.6 YP).

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Scott Garnet
Scott Garnet 06 Nov 2017

If you have a patio or a porch it is important to make sure that any connecting doors are secured. Good advice for sliding glass doors is replacing the panels with storm resistant glass and getting heavier...

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richardrawlings
richardrawlings 01 Nov 2017

What has not been mentioned here is the effect of not only higher interest payments, but also that these payments are less likely to be offsettable as a business cost due to the scaling back of mortgage...

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Kelvin Lloyd
Kelvin Lloyd 09 Oct 2017

IT is up, to the Planners. If they will only give permission for bungalows on certain (suitable) sites, they will be built.

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maggie swift
maggie swift 09 Oct 2017

It's just the beginning of the shocking rise.

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maggie swift
maggie swift 09 Oct 2017

I have recently read that the bungalows can provide social housing for elderly residents in London.

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zoe glover
zoe glover 05 Oct 2017

Update! Worst company I have ever dealt with. Undervalued a Cambridge property by over 100k, wont take on any evidence of valuation including a RICS valuation done 3 years ago for the very same value...

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Paul Edwards
Paul Edwards 27 Sep 2017

Its nonsense articles such as this that make it harder to get clients to realise just how difficult the market is out there. When you see Rightmove and there are more 'price reduced' then 'new' most days...

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Tom Allen
Tom Allen 20 Sep 2017

Absolutely agree with you!

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RyanGeo
RyanGeo 18 Sep 2017

A sharp correction would be a less dramatic expression to use. That is already underway in certain sectors in Reading where I practice as Chartered Surveyor

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sean benton
sean benton 01 Sep 2017

Identity theft is a thread for any profession. So,people should stay alarmed. I once take help from a letting agent and came to know that letting agents are taking every precaution to prevent fraudulent...

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Mark N.
Mark N. 30 Aug 2017

We have seen a surge in instructions over August and that should continue into September too.

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Chris
Chris 30 Aug 2017

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