Who is selling?
The vast majority of the sellers remain Private Property Companies and Individuals who comprise 80% of sellers by value of lots.
Trading, whether individual assets or breaking up portfolios to the end investor has always been a feature of the auction market and last year was no exception, with some 15% of our sales having recently been purchased and successfully sold on by our clients.
In the July auction the consensual sale of a portfolio of 16 lots attracted the attention of 100 registered buyers on the day and all the lots sold.
We also sold for nine Funds and three REITS - making up 15% of our sales, various charities along with operators, Receivers, Trustees and Councils.
The operators are either utilising the auction route to raise capital from sale and leasebacks or disposing of non operational vacant property.
Farmfoods, Heron Frozen Foods, Tesco and Euro Car Parts have all sold new leasebacks
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BUPA and Dignity funerals have both sold non operational, vacant assets
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Receivership and distressed sales remain a constant at auction – the biggest lot sold, in Pall Mall at £10,800,000 was for Liquidators who had failed to find a buyer for three months so entered the lot into auction to achieve the necessary sale.
Whilst formal Receivership sales in the Commercial sector remain at a historic low, consensual sales are common, giving the sellers the certainty and timescales that they need.