Allsop’s commercial auction team has sold a terraced building in London’s Soho for £4.7m - its highest-value lot so far this year.
The property was sold to a UK company post auction, after initially being offered in the room on 27 March. The purchase reflected a 3.5% yield.
The building, 20 Greek Street (pictured), covers 2,000 sq ft over four floors, including a ground-floor Pizza Express restaurant, the lease on which expires in 2020.
The vendor, an overseas investor, bought the property in 2006 for £2.37m at a 3.9% yield.
The sale has lifted Allsop’s March auction sales total to £91.9m, bringing it closer to March 2016’s £101m. The running total for the calendar year is now £153m.
The highest-value sale in the room at Allsop’s March auction was a health centre and pharmacy in Norwich, which sold for £2.9m, reflecting a 5.1% yield.
Speaking about the Greek Street deal, George Walker, auctioneer and partner at Allsop, said: “The appetite for high-value lots in London is very strong and this sale continues the trend of investors trading to take profits.”
Allsop’s next commercial auction will be held on 23 May at the Berkeley Hotel in Knightsbridge, London.
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