In a market which is looking for security of income, 36 bank investments – more than double the average per auction, are included, giving investors certainty of income.
Of these, lot 8 in Muswell Hill is let to HBOS Plc and is anticipated to be particularly sought-after. The lease contains two flats and is guided at £1.7m - £1.8m, 4.8%.
The highest value investment in July’s catalogue is lot 99. To be offered at £6.9m - £7m, it comprises an attractive 45,835 sq ft office building in a town centre location in Ipswich. The property is entirely let to the Secretary of State on two separate leases until 2028 with rent reviews due in 2023 and generates £485,368pa.
Almost half of the catalogue features lots from across the London and the South East. Highlights include lot 97, a town centre shop with three, two-bedroom flats in Bromley, guided at £2m - £2.2m. The investment also comes with planning permission for an additional three-bedroom flat in the roof. The property is well located on a busy, pedestrianised thoroughfare whilst the shop is let to Costa until 2028.
George Walker, Partner and Auctioneer, Allsop said: “The market has shown that there is a real depth of capital for these large mixed-use assets, particularly in London and the South East, where we set the tone at 3.5% in Beaconsfield in our May auction. We expect to see continued investment interest in assets of this type as investors treat the wider High Street with the caution that it deserves.”