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Auction action at Allsop

publication date: Aug 17, 2010
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Allsop Residential reported a major two-day sale this month raising £43.4m from the sale of 358 lots. The success rate stands at 78 per cent at the time of writing, significantly higher than the 61.4 per cent national average for June this year (Source: Essential Information Group).

This sale brings the total revenue from Residential auction sales this year for the firm to £183.2m (86 per cent). The catalogue was dominated less than in previous sales by distressed properties. These only made up 27 per cent of lots on offer (50 per cent in May). 68 lots were Gary Murphyoffered on behalf of the firm's in-house insolvency team. In addition, over 100 lots were ground rent investments offered on behalf of a variety of property companies and private investors. These proved very popular with 96 per cent selling (see yield analysis below).

Auctioneer and partner Gary Murphy (left) said, "This was a great result given the challenging conditions of the market. From the rostrum it was clear that bidder sentiment had hardened since our May sales. Buyers are less willing to take risks than earlier this year and there's a general apprehension about the duration of the economic recovery. This is exacerbated by continuing restraints on new lending."

The highlight of the sale was Lot 287, a former Technical College, in Ladywell, near Dover, Kent. This was a freehold Grade II Listed former technical college arranged to provide fourteen self-contained maisonettes with ground floor commercial premises extending to approximately 297 sq m (3,200 sq ft). Its guide price was £750,000+, but the gavel fell at £1,000,000.