Acuitus’ first auction in 2020 suggested that, although investors are still being selective when it comes to High Street retail, confidence has returned to a wide range of investors.
The auction raised over £19 million, with the biggest sale on the day being Lot 21, a Barclays Bank in Skipton, North Yorkshire; let at £140,000 per annum until 2026, it sold for £1.75 million at a yield of 7.53%.
Acuitus auctioneer, Richard Auterac, commented: “We went to the auction without knowing whether the increasing confidence in the residential market that has been reported in the press would manifest itself in the commercial property investment market. The answer is a re-sounding ‘yes’ with the room displaying a positivity that we’ve not seen for quite a while… The diversity of the lots that sold at today’s auction showed that buyers are receptive to opportunities across all sectors and locations including alternative investment sectors that offer a long-term income return such as care homes.”
Other notable sales on the day included: a retail park in Leigh, Greater Manchester, with tenants including Nando’s and rents totalling £123,000 per annum, raised £1.48 million (7.8%); a WH Smith store in Pangbourne let at £20,800 per annum until 2024 sold for £410,000 (4.8%); and a petrol station and convenience store close to the A30 dual carriageway near Exeter achieved £1.1 million (6.5%).
Acuitus’ next auction will take place at The Montcalm Hotel, 2 Wallenberg Place, London W1H 7TN on Thursday 26 March. The deadline for entries is Thursday 27 February.