The seemingly neverending political and economic uncertainty surrounding Brexit failed to deter investors at Acuitus’ October commercial auction, as they snapped up 82% of the lots on offer at a combined total of more than £34 million.
The biggest sale on the day was a Travelodge hotel in Camarthen. Let until 2039 at £194,571 per annum with RPI uplifts and no breaks, it sold for £3.21 million at a yield of 5.69%.
Properties traditionally considered as ‘alternative’ investments fared particularly well, together with retail parades with asset management potential. Chairman Richard Auterac commented: “Investors are increasingly alive to the opportunities provided by what the market calls ‘alternative investments’…While we await a Brexit resolution, there will be increased flows of money targeting these investments especially as some are perceived to have been under-priced through negative sentiment against the sector.”
Other notable sales on the day included: an unbroken parade in Ware, Hertfordshire, comprising eight shops and uppers with planning consent for 32 residential units, fetched £3.05 million; an Ask Italian restaurant in Canterbury let at £96,750 per annum until 2031 without breaks sold for £1.75 million (5.21%); and four retail units with residential uppers on Kennington Lane, London SE11, were sold as four separate lots for a combined total of £3.49 million.
Acuitus’ next auction will take place at The Montcalm Hotel, 2 Wallenberg Place, London W1H 7TN on Wednesday 11 December. The deadline for entries is Wednesday 13 November.