Demand for £1m-plus lots dominated the
Acuitus commercial property auction on October 21.
The auction raised £17.332m from the sale of just over half of
the 29 lots offered with 10 of these selling for more than £1m. By
value, just under 75% of the investments offered sold at an average
price of £1.15m - substantially above the corresponding average
sale prices in other autumn sales to date.
A receivership retail and residential investment in Bath Road, Hounslow, was the subject of
fiercely competitive bidding and eventually sold for £2.81m to a
group of local businessmen. This was £1.3m above the initial guide
price and reflected a yield of 3.22%.
Bidding was equally strong for 25
Litchfield Street, a restaurant, wine bar and residential
property in London's West End. The home of what is thought to be
London's oldest French wine bar, Le Beaujolais, was bought for
£2.04m at a yield of 3.94%.
Pub investments were again sought after in the room. Two London
lots offered by Enterprise Inns - The
Birdcage in Stamford Hill and The Snooty Fox in Highbury - sold for
£1.05m and £800,000 respectively. The Six Chimneys in Kirkgate,
Wakefield, is let to JD Wetherspoon and sold for £1.145m at a yield
Acuitus auctioneer, Richard Auterac, commented: "The sale was
clear evidence of the strength of demand for the right type of
investments. Once again lots in central London and the south east
were very popular, and there was clearly substantial buying power
in what was a very busy room. This was borne out by the strong
performance of the Hounslow and Litchfield Street investments
"The £1m-plus average lot price and the average yield achieved
at the auction - 6.4% - are both testament to the quality of
"It was also gratifying to see that all lots entered by LPA Receivers sold well. We believe Acuitus's
specialism and independence serves the aims of LPA Receivers well
and we very much welcome the increasing level of business from this
"By value, just under 75% of the investments in the sale found
buyers. If you then look at the stock selection that drove
purchases, it speaks a great deal about the current market
"Following the uncertainty of the summer period, clearer trends
are now emerging in the market and this performance gives us an
excellent platform for our next sale on December 9 for which we
already have 30 lots in the catalogue."
Other highlights from the October sale included:
- The famous Sloan's Bar in Glasgow's Argyle
Street sold for £1m at a yield 7.09%.
- A 7,173-sq ft shop in New Milton, Hampshire, let
to Boots sold for £1.061m at a yield of 6.15%.
- A 2,973-sq ft retail/residential investment in
Chepstow Road in London's Notting Hill sold for £1.1m at a yield of
- A 2,892-sq ft retail/residential investment
which includes three flats in London's Maida Vale sold for £1.985m
at a yield of 5.85%.
- A 2,073-sq ft retail investment in North Road,
Durham sold for £495,000 at a yield of 6.75%.
- A Co-Op supermarket in Elmshott Lane, Slough,
which was guided at £500,000 sold prior to the sale at a yield in
the region of 5.25%.
Acuitus's next sale will take place on 9th December at
the Millennium Hotel, Grosvenor Square, London, W1 for which we are
currently taking instructions. For a highly experienced,
independent and personal approach to commercial property sales
please contact us.