Allsop goes big on leisure

Allsop will offer several big-ticket leisure lots at its March commercial sale, hoping to tap into growing interest in commercial at the expense of residential property.

The biggest single lot is a restaurant on Greek Street let to Pizza Express. It currently provides a rental income of £175,000 per year and will be offered with a guide price of £4.4m-plus.

The catalogue also features a McDonald’s drive-thru restaurant in Chesterfield, let at a rent of £90,000 per year until 2032, with a guide price of £1.6m-plus.

A total of 161 lots will be up for auction at Claridge’s on 27 March. One in five lots have guide prices of more than £1m and just under a third are in London or the South East.

Duncan Moir, partner and auctioneer at Allsop, said investors continued to be drawn away from residential auctions to commercial sales.

“In a low-interest-rate environment where higher rates of tax are hitting returns for residential buy-to-let investors, the commercial property market is becoming increasingly attractive,” he said.

Related Articles

Have your say

Sign in to make a comment on this story.

Sign In

Text size

Desktop Site | Mobile Site