Acuitus’ October auction, with 120 properties on offer, has achieved a success rate of 80% and sold £48.98 million of assets. All property investment sectors attracted considerable interest in a busy and vibrant auction room.
The biggest sale on the day was a shop in London NW6 – let to Palace Amusements until 2030 at a current rent of £95,000 per annum, and with potential for the conversion of the currently unused upper parts to residential, it sold for £1.91 million.
Chairman Richard Auterac commented: “Investors are discerning, taking an increasingly thoughtful approach to the market and are not hide-bound by previous buying patterns. Where they see potential, they are aggressive in their bidding. They can also think outside the box to spot value in assets, even if the general view of that sector may incline to the negative – as with city centre retail.”
Other notable sales included: a Travis Perkins trade counter in Melton Mowbray, let until 2027 without breaks at £65,000 per annum, was sold for £1.4 million at a yield of 4.38%; and a Tesco Express in Cambridge with self-contained offices above, producing £75,830 per annum until 2022 and with potential for conversion of the upper parts, raised £1.415 million (5.25%).
Acuitus’ next auction will take place at the Radisson Blu Portman Hotel, 22 Portman Square, London W1H 7BG on Wednesday 5 December. The deadline for entries is Wednesday 7 November.