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Allsop hits £756 million in 2009

publication date: Mar 4, 2010
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Allsop auctionsAllsop’s Commercial Auction in December offered 159 lots and raised £80.05 million, reflecting a success rate of approximately 78 per cent, their biggest December Auction for two years and 30 per cent up on last year.

Average lot price was £641,406 (£660,760 in October), 20 lots sold over £1 million, three of which were over £2 million. Seven first class public house investments on behalf of Enterprise Inns plc sold, reflecting an average price of £1,655,000.

The largest lot was Lot 117, a Leicester petrol filling station (above) let to Total UK Ltd at a rent of £222,037 pa, which sold for £2.5 million.

At Allsop’s Residential Auction, also held in December, the £50m realised took the Residential Team’s sales tally to over £325m for 2009 and the year’s average success rate to 88 per cent (86 per cent in 2008). The overall sales figure for the firm’s residential and commercial sales closed at £756m and 87 per cent (£698m and 84 per cent in 2008). The sale, which was approximately 40 per cent distressed stock, was again dominated by cash buyers. Partner and auctioneer, Gary Murphy, commented, “Bank lending remains tight and, although most of our regular buyers have a healthy appetite for sensibly priced stock, several have remarked upon what they consider to be severely protracted procedures for securing debt, even at much reduced loan to value ratios. “I also sense an increasing degree of prudence. As prices paid require more equity, buying decisions are not being taken lightly. Bidding was disciplined. As one buyer put it, now’s the time to be sensible.”

The largest lots of the sale, all located in traditionally sought after central London locations, attracted keen interest. Lot 25 in Chelsea, London SW3, a freehold mid terrace building arranged as three flats. Producing £44,440 pa. Sold for £2.25m against a guide price of £1.9m.