Allsopraised c. €55m from the sale of 52 lots at its first commercial auction of 2024, representing a success rate of 80%.
The February auction saw 12 lots sold for €1.2m or more, at an average of c. €3.4m, showing continued signs of recovery for commercial and mixed-use properties, particularly for realistically priced assets. While much of the wider private treaty market remains subdued, the most popular lots at the commercial auction saw strong competition from upwards of ten bidders each.
The largest lot, Larkswood Retail Park, was sold before the auction at over €8.5m. The auction had a mix of commercial properties, with retail being the most popular. One of the most popular lots was a builders merchant in Bedford, which was sold at c. €1m.
George Walker, partner and commercial auctioneer at Allsop, said: “It is always invigorating for us and clients to see larger lots with so much competitive bidding, often after some months on the market with little success. The auction buyer’s mentality is clear: they are seeking value or opportunity and can be very driven where they see the right mix in which to invest their cash. Lack of supply continues to be one of the greatest challenges that motivated buyers face, which itself drives competition to the better lots. Neither the changing political landscape this year nor the costs of money impacts their appetite to buy, so provided the price is right, we see this demand continuing. With that in mind, we look forward to building the next auction catalogue, which will be released on 1st March.”
Image provided by SECNewgate.
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