Acuitus’ first commercial property auction
of 2016 raised £56.38m across 72 lots, with 98% of the properties selling at an
average price of £817,000.
The top price achieved in the auction was
£3.345m for Castlegate House in Sheffield, a 99,275 sq ft city centre retail
investment let to BHS Properties and Frozen Value until 2065 and 2023
The auction also demonstrated the continued
popularity of pub investments, with J W Wetherspoon’s Becketts Bank pub in Park
Row, Leeds, selling for £2.85m at a yield of 5.6%.
Chairman Richard Auterac
commented: “We have been talking since last summer about the growing latent
investor demand in the auction room and this was a tremendous illustration of
“We have been working painstakingly with
sellers and their professional advisers to bring the right assets to the market
at the right prices and this shows what can be achieved when this is done. As
equity and bond markets remain volatile, investors have sent out a strong
message about the attraction of property.
“This is the first auction of
the year to really show the momentum that the auction room can achieve as
investors clamour for property assets. Sellers should realize the opportunities
for strategic disposals that auctions currently offer.”
Acuitus’ next auction will take place at the
Millennium Hotel, 44 Grosvenor Square, London W1K 2HP on Tuesday 23 March.