Leading UK property consultancy and auction house, Allsop, has raised a combined total of €66.4m (£58.1m) through two consecutive commercial and residential auctions held in March. The commercial auction alone raised €37m (£33.1m) from 54 lots, highlighting continued demand in the commercial real estate sector despite a challenging economic climate.
Among the standout commercial sales was Westgate House, a 6,876.82 m2 (74,000 ft2) retail and office investment in Halifax town centre, which sold for €4m (£3.53m) — over 40% above its original guide price. The sale attracted fierce competition from motivated buyers, underscoring the appetite for prime commercial properties that offer long-term income potential.
“Whilst overall market sentiment is perhaps not as strong as it could be, the investors in our market are still actively seeking out opportunities where they see growth and security to add to their portfolios. Our recent sale proved this, with buyers eagerly competing for lots that provide long-term income,” explained George Walker, Partner and Commercial Auctioneer at Allsop. “Having raised well over €33.6m (£30m) last week, and with several sales after auction in progress, we anticipate this total will increase swiftly as we work towards the release of our 1st May auction catalogue.”
The commercial auction, which comprised 54 lots, proved that there is still substantial activity within the sector, particularly for well-located, income-generating assets. The market continues to present opportunities for investors focused on securing assets that offer a balance of growth and security.
On the residential side, Allsop raised €28m (£25m) from 117 lots, with the highest-value lot being a freehold mid-terrace building in Holloway, north London, which sold for €1.11bn (£950m), exceeding its guide price of €840k (£750,000).
While residential auctions saw some caution due to broader economic uncertainty, Richard Adamson, Managing Partner and Residential Auctioneer at Allsop, remains optimistic. “The general nervousness in the wider economy over the past few weeks has clearly influenced buyer sentiment in the residential sector, which had previously been showing strong resilience not shared by other investment sectors. However, this is likely to be a point in time where the market readjusts before moving on again.”
Despite some fluctuations in the residential market, Allsop’s commercial auction results are a clear indication that investor interest remains strong for prime commercial real estate. With the sector continuing to adapt to shifting economic conditions, Allsop anticipates further opportunities for growth in the coming months.
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