Allsop Commercial raised £42.3m at its auction today off a success rate of 75%.
A total of 121 lots were offered at the sale at the Park Lane Hotel, W1, with 90 selling, including six prior.
While bidding and attendance during the first half of the sale were thinner, the dynamic shifted in the afternoon provoking energetic bidding on a wide range of property .
Lots that sold well included a freehold shop and office in Wessex Fields, Somerset, which was guided at £1.3m and sold for £1.6m, and a former toilet block in Gravesend, Kent, which was offered without reserve and sold for £14,000.
There was strong demand for receivership stock with seven out of eight vacant pubs, formerly owned by the Farlane Property Group, selling. The pubs, in Cumbria, County Durham, Lancashire, Tyne and Wear, Bury, Greater Manchester, Merseyside, and Cumbria sold for prices ranging between £35,000 and £95,000.
Properties in central London let on long leases to strong covenants, remained attractive achieving strong prices. Yields on GradeA stock were just over 6% and averaged over the catalogue at 6.3%.
Auctioneer Duncan Moir said: “This is much more like the market of old, with diverse stock that appeals to investors looking to add value. So vendors need to take the right approach on pricing and on method, when they do we see some good results. The overage on sale price compared with guide price in this catalogue averaged at 12% when it is traditionally between 8-10%.”