The fall in the value of the pound has caused a surge in overseas buyers purchasing small commercial buildings around Britain, according to a leading property auctioneer.
Allsop said that the number of foreign buyers taking part in commercial property auctions had tripled last year. For years the proportion has remained steady at between 3 per cent and 4 per cent, but this jumped to 13 per cent in 2017.
The assets offered in such auctions tend to be unglamorous shops, restaurants and office buildings. Investors are attracted by the steady income they can make from rent at an impressive yield.
In the most recent auction by Allsop, a Boots shop with three flats in Egham, Surrey, went for £1.25 million, while a lot of