Saturday, August 13, 2022
UK

Allsop expects to raise over $1.20bln at auction this year

auction house

The auction house is continuing to see impressive results as investors turn to auctions to safeguard their cash

Leading UK property auctioneer Allsop is continuing to see investors from across the globe flock to its sales as property owners put their assets under the hammer.

Having raised just short of £1 billion ($1.20 billion) in 2021 for real estate owners selling commercial and residential property at auction, the 116-year-old auction house is continuing to see impressive results as investors turn to auctions to safeguard their cash.

Mark Gower, commercial auction partner at Allsop, explains: Despite the challenging economic circumstances, the appetite among private investors has remained strong this year.

Amid the rise of inflation, investors value real assets and this trend couldn’t be more clearly demonstrated in the success we’ve seen so far this year, he said.

In fact, we sold an average of 91 per cent of lots in our commercial auctions in the first three months of 2022. It’s a testament to the attractiveness of auctions for investors who are willing to pay a premium for the effective, quick process that auctions bring.

Allsop attributes part of what makes auctions so attractive is the range of assets on offer.

In its May commercial property auction, buyers chose from a variety of lot types across the country, including retail, pharmacies, offices, industrial, logistics, and mixed-use schemes.

Gower says: The expertise and strong networks we enjoy within our team have always been a constant and they are the product of us having led our market for over 50 years.

Moreover, it is the volume of data on buyers, sellers and properties that we have always collected and actively used which sets us apart, he said.

Operating online as we do today has enhanced the quality of this data and gives us unparalleled visibility. And these advantages are what enables us to bring a huge range of investments to auction, he said.

With the majority of its sellers in 2021 being privately-owned property companies, Allsop states that it still sold some £64 million ($77.02 million) of commercial property to institutions and funds, more than £130 million ($156.44 million) of property on behalf of asset managers, as well as millions more for high street retailers, banks, and receivers.

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