Search
 

London Auctioneers Expect Strong Spring Sales Run

LONDON-There's a feeling of slight hysteria among property auctioneers in the UK capital. After the gloomy warnings on the economy in the last six months, they have trouble believing the market is so good.

By Charlie Jacoby | Updated on February 04, 2002

LONDON-Forget rumours of interest rate rises and strengthening yields. A ring-round the auction houses in London shows just how competitive the market is.

Simon Riggall of Colliers Conrad Ritblat Erdman puts it down to the cheap price of money. Interest rates at 5% makes a property that offers an immediate return of 7% an attractive bet. Buyers at Colliers CRE auctions are mainly small property companies. ‘They’re eager to buy and digging deep into their pockets,’ said Riggall.

Allsop & Co has a whole 25-lot catalogue in its auction today (4 February 2002) from pensions fund trustees. There are a further 122 lots in the catalogue. The pension fund lots are all well-let, some of them to banks. The rest of the catalogue offers a spread of properties from £100,000 to £4.5 million ($141,000 to $6.4 million) and for a variety of vendors. The biggest lot, with the guide price of £4.5 million ($6.4 million), is on Baker Street, W1. A freehold let to NatWest bank, it comes with vacant flats and offices.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.