Allsop has raised c. €50.3m through the sale of 146 lots at its April residential auction, representing a success rate of 90%, as the firm sees appetite for income-producing and value-add opportunities demonstrate growing confidence in the property market.
One of the most popular lots sold under the hammer was a freehold terrace of four buildings in Margate, arranged as 23 self-contained flats producing an income of €167,100 a year. Following bidding from over 30 parties, it went on to sell for more than double its guide price of €800,000 at €1.78m.
Other properties on offer at the residential auction ranged from a freehold apartment building in Barnsley to a fully-let, mixed-use corner building in Spitalfields, east London, and a property consisting of nine one-bed flats in Acton, west London, that sold for more than €2 million.
Richard Adamson, managing partner and residential auctioneer, said: “We are delighted with the success of our fourth residential auction in 2024. The success rate of 90% is significantly higher than the industry average of 73%, which is a testament to the relationships, knowledge, experience and expertise of the team. We are continuing to see signs of growing confidence in the market with more buyers returning in response to a less turbulent economic backdrop in comparison to 2023. There is clearly a strong demand for income-producing investments across the country and value-add opportunities, although pricing is key. Our next auction on 9th May is just a few weeks away, and we look forward to continuing to build on our momentum.”
Image provided by SECNewgate.
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