Acuitus’ December auction reinforced the trend of the previous 12 months of continued confidence in the commercial market, something unlikely to be derailed now after the political uncertainty surrounding Brexit was eventually removed. The auction brought the total for 2019 to £177 million across 220 properties sold, representing a sale rate of 90% by value of properties offered. Acuitus’ ability to price assets for the existing market and then deliver those assets to active buyers has demonstrated that some pundits’ predictions of a need to ‘fire sell’ properties were well off the mark. And with investor demand across all geographic locations and all property sectors, tremendous opportunities exist for sellers going into the new year.
The biggest sale on the day was Beckett House, a prominent investment in Salisbury comprising restaurants, shops and offices. With rents totaling £224,450 per annum across 1,079 sq m of space, including £60,000 per annum from Wagamama until 2033, it sold for £2.155 million at a yield of 9.80%. Other notable sales on the day included: a Costa Drive Thru in Hartlepool, let at £56,000 per annum until 2032 with CPI uplifts, fetched £900,000 (5.89%); the Goldsmiths’ Company Assay Office in Hatton Garden, London EC1N, let until 2026, sold for £685,000 (4.72%); and a prominent Burger King in Glasgow, let to a franchisee at £85,600 per annum until 2038, raised £1.225 million (6.44%).
Acuitus’ next auction will take place at The Montcalm Hotel, 2 Wallenberg Place, London W1H 7TN on Wednesday 12 February. The deadline for entries is Wednesday 15 January.