High quality assets were the main draw for investors, as Acuitus’ March auction raised £33.5 million from 49 lots sold, representing an impressive success rate of 83%. Of those, ten properties sold for more than £1 million, while almost a third of the lots achieved yields of 6% or lower.
The biggest sale on the day was the 90,000 sq ft Abbeygate Shopping Centre in Nuneaton, which sold for £4.285 million.
Chairman Richard Auterac commented: “There was much more positivity in the room than at the first sale of the year when investors were still feeling their way into the new year and adjusting to the political environment.
“The results continue to reflect the different investment objectives between high net-worth private investors who are looking for prime assets with secure income, and the more entrepreneurial property companies who are looking at opportunities for active asset management.”
Other notable sales included a shop in Haverhill let to Iceland until 2028 at a rent of £115,000 per annum which sold for £1.87 million at a yield of 5.7%, and a Lloyds Bank in Sherborne with two large flats above which sold for £1.195 million (5.2%).
Acuitus’ next auction will take place at the Radisson Blu Portman Hotel, 22 Portman Square, London W1H 7BG on Thursday 24 May. The deadline for entries is Wednesday 25 April.