"In what continues to be a challenging time for investors and developers alike, there is much confidence to be taken from this result"
- Richard Adamson - Allsop
Allsop raised £45 million at its two-day July residential auction, selling 184 lots and achieving a success rate of 80%.
The highest-value lot was a freehold residential block in Marylebone, London (pictured), which sold for £2,000,000. The building comprises 25 flats, of which 22 are sold on long leases. Two are subject to Assured Shorthold Tenancies, and one remains vacant. The property produces an annual income of £71,660.
Other notable transactions included:
Lot 14: A freehold detached house in Hatfield, Hertfordshire, which sold for £1,400,000
Lot 89: A mid-terrace building in Battersea, London, internally arranged as two self-contained flats, which sold for £1,000,000, matching its guide price
Lot 180: A block of nine partially finished new-build flats in Stockport, Cheshire, which sold for £1,800,000
“Following the success of our June sale, which raised over £55 million, we are delighted with another very successful two-day sale,” said Richard Adamson, managing partner and residential auctioneer at Allsop. “In what continues to be a challenging time for investors and developers alike, there is much confidence to be taken from this result. It reinforces the view that there remains a strong appetite for well-priced, income-producing investments as well as value-add opportunities.
“We are seeing more buyers gradually return to the market to deploy capital in the residential sector,” Adamson continued. “Those who continue to sit on their hands may well look back at this period as a missed opportunity. We are still taking instructions for our next sale on 17th & 18th September, which is already shaping up to be another large two-day event.”
