Auctioneer sees high demand in the sale room – but a challenge to find enough stock

More properties with permitted development rights are coming under the hammer, an auction house has said.

Allsop’s auction on Thursday has six permitted development investments offered for sale.

This is up from three in February, while there were none in December.

These include a £2.6m lot in Cheshire that is currently occupied by commercial tenants on short-term leases, with permitted development rights for conversion to residential use, with the proposed accommodation to provide 32 self-contained flats.

Other permitted development investments include a lot in Staines, Surrey – a mid-terrace office and retail unit with a guide price of £295,000 – and an office building in Watlington, Oxfordshire, with permitted development rights for eight one- and two-bed flats, guided at £650,000

Richard Adamson, partner at Allsop, said: “There was a large turnout at our first residential auction of 2017, with buyers undeterred by the changing economic and political landscape, and we expect to welcome similar crowds to this auction.

“Whilst there is the usual diverse offering in the catalogue, in particular there are some excellent lots in central London, as well as permitted development opportunities. We are seeing considerable appetite for permitted development sites, including regionally.

“We have also noticed increased interest from investors in the student market.

“Overall, there is high demand from buyers in the auction room – our challenge is making sure we have sufficient stock to meet this demand.”

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