Allsop Commercial has posted its
second largest May sale in ten years after 124 lots were sold at a total of
£94.6m. 31 lots were sold for over £1 million, helping to bring the running
total for 2017 to over £250 million.
The highest value lot was a substantial
Barclays Bank in Basingstoke town centre. Let at £200,000 per annum until 2026,
it sold for £3.34 million at a net initial yield of 5.62%.
Auctioneer George Walker commented: “The buyers were focusing on the strongest
tenants and best let investments to give solid returns for them over the next
10 years or more. Investor appetite for the best stock was as strong as ever, with
some hesitancy clearly being shown where either length of lease or the quality
of the tenant was in doubt.”
Other notable lots on
the day included: a residential care home in Newport let to Coverage Care
Services Ltd at £215,00 per annum until 2040 (without break), which raised
£2.65 million (7.62%); a purpose built Waitrose supermarket with a 136-space
car park in Melksham, Wiltshire, which sold for £3.25 million (6.79%); and an
office building in Sheffield let at £430,000 per annum and with permitted
development consent for 44 apartments, which raised £2.54 million (15.91%).
Allsop Commercial’s next auction will take place
on Monday 10 July.