Allsop, the UK’s largest property auctioneers, reports investors were undeterred by Brexit with strong sales in yesterday's major auction.
The auction, at The Park Lane Hotel in London, resulted in the sale of 124 lots, Allsop partner and auctioneer George Walker tells Bisnow.
The event raised £62.5M with a success rate of 80%, no change from the 80% achieved in Allsop’s July commercial auction last year. There were about 500 people present—100 buyers and about 400 spectators, George says. Most of them were seeking indications of market sentiment in the property sector.
The hysteria over Brexit comes primarily from the retail sector, George tells us, and that's only 3% of the commercial real estate market. The buyers at Allsop’s auctions are long-term investors who are wise and canny; they buy assets directly—voting with their wallets.
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