Buyers were out in force at the first Acuitus auction of 2014 which raised £18.8m with a success rate of 84%.
It was standing room-only at the February 13th sale as investors bid on lots with a combined rental income of more than £2m. There was an early indication of the buying power present when a 2,746 sq ft restaurant investment in Dorchester sold for £1.17m at a yield of 4.85%. The property is let to Prezzo until 2039 at a current rent of £60,000pa.
While retail assets dominated the sale, there was substantial investor interest in Hume House in Leeds – an 18,716 sq ft office building let to the Department of Work and Pensions. With four years left on the lease, the property also has potential for redevelopment. It was guided at £1m, but after concerted bidding the lot sold for £1.675m.
Acuitus Chairman and Auctioneer, Richard Auterac, commented: “This was a very encouraging start to the year. There’s depth and resource among investors. They are in the market for all types of assets from across the UK.
“We are now building the catalogue for our March auction and expect to see this positivity continue. The auction room currently presents great opportunities for buyers and sellers alike”.
Elsewhere in the February auction, three Mecca Bingo Halls in Rotherham, Scarborough and Blyth sold successfully for £880,000, £1.1m and £950,000 respectively.
Other sales at the auction included:
We are now taking sale instructions for our second auction of 2014 which will take place on March 27th at the Millennium Hotel, London W1.
