In their first commercial property auction as Acuitus, the
former Jones Lang LaSalle auctions team raised £18m from the sale
of 27 lots in front of a packed room at the Millennium Hotel on May
The highlight of the auction was the sale of the
Barclays Bank at 18-19 Fleet
Street. Guided at £1.4m, the property sold for £2.27m to a
Greek investor at a yield of 3.92%.
Central London investments proved popular throughout the sale
together with supermarkets and ground rents. A Tesco
Express in Burnham-on-Crouch, Essex sold for £922,000 at a
net initial yield of 4.90%.
Other notable sales included:
- 3 Ground rent investments on the well
established Middlefield Industrial Estate, Sandy, Bedfordshire sold
for a combined £985,000 at an average yield of
- 3 Medical investments in Southend on Sea,
Liverpool and Edinburgh let to Doctors with an average of 5 years
unexpired on the leases sold for a total of approximately £1.25m at
an average yield of 6.56%
- 4 Barclays Banks in Bicester, Fleet Street,
Acton and Smethwick sold for a total of £4.50m at an average yield
The quality of the properties featured in the first sale was
reflected in the prices that many achieved. However, the widespread
economic uncertainty of the past two weeks both domestic and global
has lead to the need for a careful approach to pricing. In the
current financial climate, buyers are being very discerning but the
appetite for London-based investments and well secured income
remains strong as demonstrated by the Fleet Street lot.
Given the international contingent in the crowded room, it is
clear that UK auctions are becoming a focus for international
investors looking for quality assets.
The Acuitus team is delighted to have completed their
first sale and are now taking instructions for the second auction.
Please contact Richard Auterac, Peter Cunliffe, Charlie Powter,
John Mehtab or Jo Cordrey if you would like a pre-sale appraisal of
any properties for our forthcoming auction on July 8 at the
Millennium Hotel, Grosvenor Square.