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Allsopp Auction Results

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Allsop closes financial year at £333m with 85% Residential Sale

Allsop Residential finished the financial year on a positive note last week posting a £35m total and an 85% success rate from its 31st March auction sale. This brings the residential sales total for 2010/11 to £333m. The overall success rate for this period was 87%, substantially out-performing the UK auction industry average of 67%.

The sale was held at the Park Lane Hotel on Piccadilly, London, a new venue for the firm's Residential auction department, although a regular venue for its Commercial team.

The catalogue comprised a broad mix of investment and vacant stock. Notably a larger than usual selection of ground rents went under the hammer, many with short dated reversions.

"These proved particularly popular" said auctioneer Gary Murphy. "These investments, some subject to leases having as little as three years unexpired, are often difficult to price accurately. Our reserves were modest which allowed the competition in the room to determine value."

Regulated investments continue to sell well. In total, 22 were sold from a total of 29 located throughout the country. The average yield from this investment class was 4.6%.

The proceedings were interrupted in the afternoon by the hotel's fire alarm, causing auctioneer, Chris Berriman to call for the several hundred bidders to vacate the hall and meet on Piccadilly.

"It's the first time that this has happened in my career" said Berriman. "Fortunately, we were able to resume the auction within half an hour and pick up where we left off without losing momentum."

At a Glance March 2011 Sale

Property Type Lots Offered Lots Sold % Success Yield Av. Lot Size

Regulated 29 22 75.9 4.6 £115,091

Assured Shorthold 56 37 66.1 9.42 £123,736

Assured 1 1 100 1.5 £150,000

Ground Rents (80 yrs+) 20 19 95 10.4 £82,763

Sites with PP 7 6 85.7 - £265,833

Sites without PP 5 4 80 - £481,500

Vacant Units (Individual Houses and Flats)

Regions

Lots Offered Lots Sold % Success Av. Lot Size

M25 31 27 87.1 £367,308

South-East 13 11 84.6 £160,071

South-West 2 2 100 £144,000

Midlands & East Anglia 5 4 80 £162,250

North-East 0 0 - -

North-West 5 5 100 £53,000

Wales 0 0 - -

Scotland 0 0 - -

Allsop March Auction - Regional Analysis (All Lots)

Regions

Lots Offered Lots Sold Total Raised % Success Av. Lot Size

M25 113 93 £20,890,000 82.3 £224,629

South-East 54 49 £11,029,500 90.7 £229,781

South-West 14 10 £1,357,500 71.4 £135,750

Midlands & East Anglia 48 41 £2,101,000 85.4 £51,244

North-East 7 3 £181,000 42.9 £60,333

North-West 22 18 £4,211,000 81.8 £233,944

Wales 1 1 £150,000 100.0 £150,000

Yorkshire & The Humber 13 10 £814,000 76.9 £81,400

Highlights of the sale include:

Lot 22 - The Quays, Salford, Manchester, Greater Manchester M50 3TW

BY ORDER OF JOINT FIXED CHARGE RECEIVERS

Freehold Ground Rent Investment, secured on a purpose built block of 203 flats with 132 parking spaces. 25 yearly Rent Reviews by RPI. Landlord Manages and Insures. Total Current Rent Reserved £71,050 per annum.

Sold: £1.25m

Guide price: £1m - £1.25m

Lot 91 - Beau Apartments, The Coach House, Land and Garages, Kelsey Lane, Beckenham,

Kent BR3 3NF

A Semi-Detached Bbuilding with Coach House, Garages and Land situated on a site extending to approximately 0.45 hectares (0.11 acres).

Sold: £900,000

Guide Price: £900,000

Lot 103 - 13 Offerton Road, Clapham, London SW4 0DH

BY ORDER OF METROPOLITAN HOUSING TRUST

A Freehold Mid Terrace Building. Possible potential for redevelopment subject to obtaining all necessary consents.

In total, 160 parties viewed the building prior to auction.

Sold: £1m

Guide Price: £450,000 - £500,000

Lot 150 - Former Care Home, The Malthouse, Priory Street, Hertford, Hertfordshire SG14 1RG

BY ORDER ADMINISTRATORS

Freehold Grade II Listed Former Care Home (C2 Use Class). Previously registered as a Care Home for 48 occupants. (38 single rooms and 5 twin rooms.) Possible potential for redevelopment subject to obtaining all necessary consents.

Sold: £1.56m

Guide Price: £700,000 - £800,000

Lot 219 - 8 & 10 Hastings Avenue, Chorlton Cum Hardy, Manchester, Greater Manchester M21 9JS

BY ORDER OF JOINT FIXED CHARGE RECEIVERS

Freehold Pair of Semi-Detached Buildings arranged to provide a total of 12 Self-Contained Flats and Ancillary Accommodation. Possible potential to convert ancillary accommodation to provide 2 further flats subject to obtaining all necessary consents.

Sold: £1.41m

Guide Price: £900,000 - £1m

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Every single property bar one that I was watching in this auction (it was about 20) went for 30%+ over guide

tim

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