Allsop puts faith in big lots for October residential sale

Allsop is offering a total of 291 lots at its sixth sale of the year on 26 October, more than 20 of which have a guide price of £1m or above.

The largest is a former mill in Stockport, Greater Manchester, which is guided at £7.25m. Meadow Mill spans 175,000 sq ft and has planning and listed building consent for conversion into a mixed-use development of 213 flats and 25,000 sq ft of leisure and food and beverage space.

The catalogue is significantly larger than that of the equivalent auction in 2016, which comprised 253 lots, of which 76% were sold, raising £67.6m. The highest-value lot in that catalogue was a 11,290 sq ft house in Winchmore Hill, north London, which was offered at a guide price of £3m and sold for £4.2m.

An office investment in Stokenchurch, Buckinghamshire, will be the second-largest lot for sale this month, at a guide price of £3.25m. The office building comprises around 26,000 sq ft of space and 74 parking lots on a 0.9-acre site. A permitted development rights (PDR) application for conversion into 42 one-bedroom flats is currently pending.

Another development opportunity to be offered is a 1.9-acre site in Ascot, Berkshire, with planning permission for a luxury mansion and a guide price of £1.25m.

Best-ever September auction

Last month, Allsop Residential held its best-ever September auction, raising £71m, helped by the sale of two offices with permission for conversion into flats.

An office with PDR for conversion into 17 flats in Kingsbury, north London, was guided at £2.5m and sold for £3.2m, while a 22,572 sq ft cluster of buildings in Bedfordshire, which had permission for conversion into 39 apartments, had a £1.75m guide price and sold for £2.9m.

Allsop partner and auctioneer Gary Murphy said that “the multi-million-pound stock is emerging as the biggest crowd-puller” and that “the sky is the limit” for pricing.

The October auction will be held at the Cumberland Hotel in London.

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