Competition during the auction was strong with 210 individual bids, an average of 30 per lot, made throughout the auction.
The most sought-after investment on the day was lot 4, a pizza take-away in Salford, located next to the local hospital. As well as a take-away on the ground floor, it also comprises a self-contained maisonette. The investment received 49 bids and sold for £211,000 - £61,000 above the reserve (NIY 7.9%).
Patrick Kerr, Partner, Commercial Auction at Allsop said: “We are delighted that this auction has been a success and it was great to see such competitive bidding on the day. The lots received significant interest from a wide range of potential buyers, who were making bids from a variety of locations. One buyer made their winning bid on their mobile phone whilst sitting in an airport café waiting for a plane, whilst another was in a café on the Isle of Wight, reinforcing the convenience of the online platform.”
Rupert Wallman, Fund Manager, Principal Real Estate Europe, commented: “Our properties received a strong level of interest, which resulted in several attractively priced sales. Having had time to evaluate the performance in more detail, the online auction appears to have attracted a diverse range of bidders including parties that we may not have expected to attend a traditional London ‘ballroom style’ auction, which is very encouraging.”
Highlights also include:
Lot 2, Lewes, Sussex: An attractive shop and residential ground rent in Lewes town centre. Guided at £235,000 it sold for £277,000 (NIY 7.4%).
Lot 5, Swadlincote, Derbyshire: Comprises two shops, office accommodation and two flats in a local shopping parade. Guided at £240,000, it sold for £270,000 (NIY 9.77%).
Lot 7, Macclesfield, Cheshire: A Grade II listed shop and self-contained flat situated in the main thoroughfare of Macclesfield town centre. Guided at £130,000, it sold for £130,000.
