Regional lots command good prices at Allsop resi auction

Allsop’s fourth residential auction of the year raised £51.9m, falling short of the £55m raised at the equivalent sale last year.

Allsop sold 174 lots of the 233 offered at the 20 July auction, reflecting a 74% success rate. Twenty eight were sold before the auction, 138 were sold within the room and eight were sold afterwards. At the equivalent auction last year, 170 (79%) of the 216 lots were sold.

Last week’s result was affected by the fact that more than 100 lots had been withdrawn prior to the sale, including a development opportunity in Berkshire that would have been the auction’s largest lot.

The three office buildings, which could be converted into 129 flats under permitted development rights, were listed with a huge £9m guide price, making the lot one of the most expensive Allsop has ever marketed in a catalogue.

Among the lots that did sell was a 10-acre development site in Belfast, which was offered for sale with a £1.25m guide price but sold for £1.3m.

Irish lots shining

Northern Ireland proved to be the best-performing region, with 91% of the lots offered finding a buyer. The region’s success rate at last July’s sale was 73%.

The auction house said that lots in the North West and Leeds also performed particularly well, outstripping prices across the rest of the country.

A detached six-bedroom home in Prestbury, Cheshire, with an indoor swimming pool, a sauna, a gym and a hot tub sold for £1.8m from an undisclosed guide price, while an office building in Stevenage, Hertfordshire, with permitted development rights granted for 21 flats sold at £1.8m from a £1.4m-plus reserve.

“Despite political uncertainty, there was good appetite in the room, with sensitively priced properties performing the best,” said Allsop partner Richard Adamson.

“Lots in the regions, particularly Northern Ireland and the north of England, stormed ahead of their south-eastern counterparts as investors turned out in high numbers to purchase stock that offered more competitive yields and more affordable capital values.”

Allsop’s next residential sale will be held on 14 September at the Cumberland Hotel in London.

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