Allsop’s commercial auctions have seen lots worth more than £1m increase by almost a third over the past two years.
Ninety-nine lots worth more than £1m were sold at Allsop’s commercial auctions during the first half of this year, compared with 96 lots in the first half of 2016 and 75 in the same period in 2015.
Allsop’s summer review shows that lots worth £1m or above accounted for 18% of the total sold in the first half of 2017 - a 2% increase on last year.
In July, Allsop Commercial sold its largest lot in three years: a £7.1m office parade in St Albans, Hertfordshire. St Peter’s House (pictured) was offered with a guide price of £5.75m, but eventually sold for £1.35m above that at a yield of 5.5%.
“The UK commercial sector remains a safe haven,” said Duncan Moir, partner and auctioneer at Allsop Commercial. “It is evident that appetite for the larger lots remains strong throughout the country.”
Moir said that of the lots that sold for £1m or more, 46 were outside London and the South East, contributing nearly £83m to the total raised in the regions.
The total value of lots sold in Scotland, Wales and Northern Ireland was up 47% year on year.
The residential arm of the auction house has also noted an increase in values. In July, Gary Murphy, partner and auctioneer at Allsop Residential, told Property Week that the upper price point at auctions was on the rise.
“The sky is the limit now,” he said. “I don’t think pricing at auction is something that should be restricted - as long as the advice is correct.”
The next Allsop Commercial auction will be held on 17 October at the Berkeley Hotel in London.