£1m+ lots prominent as Acuitus launches largest 2023 catalogue

13th July 2023

The Acuitus commercial property auction on July 13th will see the firm offer its largest catalogue of the year to date with 54 lots of which nearly a quarter have guide prices in excess of £1m.

The freehold Travelodge hotel investment in Preston, Lancashire which currently produces £231,081 per annum is being offered with a guide price of £3.25m+. The property consists of 72 rooms, a bar/restaurant plus secure under croft parking, and is let on a 25-year lease with options to extend until 2041 with the benefit of uncapped rent reviews linked to the Retail Price Index increasing the rent to a minimum of £292,420 pa in March 2026.

John Mehtab of Acuitus comments: “The hotel sector is thriving again and the value operators are doing particularly well in the current climate. We have just sold the Travelodge in Newcastle, and we expect this Travelodge to generate significant investor interest”.

The auction also features a freehold retail and residential investment on High Street, Banstead, Surrey, which currently produces an annual income of £194,925 and has a guide price of £2.5m-£2.6m. The lot consists of three let shops plus over 3,000 sq ft of vacant and separately accessed office accommodation on the first floor, with an immediate change of use opportunity. The property also benefits from a large site with secure parking to the rear.

Charlie Powter of Acuitus comments: “With its mixed uses and an entirely vacant first floor, this lot offers income and immediate asset management opportunities for active investors”.

Among other substantial lots being offered is the 29,635 sq ft Alpha Court freehold office park on the outskirts of York that currently produces £331,725 in rent and has a guide price of £2.75m-£3m.

Elsewhere in the sale, a Grade-I listed cinema in Salisbury which currently produces £64,422 in annual rental income has a guide price of £850,000+. The 31,969-sq ft property has been operating as a cinema since 1931 and is let on a long-lease to Odeon Cinemas until 2089 without break.

David Margolis of Acuitus comments: “Located in the heart of the city’s retailing centre and close to the main entrance to Old George Mall, this is a unique property which also offers investors long-term, sustainable income”.

Other lots in the July catalogue include a range of High Street Retail assets – both in London and the regions – together with industrial/warehouse investments, a day nursery and a shopping arcade with sellers including receivers, institutional clients, fund managers and public & private property companies.

Richard Auterac continues: “Although economic uncertainty prevails, there are some excellent buying opportunities in this auction and the range of assets on offer will suit a wide spectrum of investor strategies”.

The Acuitus auction will take place on July 13th at 2pm and will be broadcast via livestream on the Acuitus website with bidding online, by telephone and by proxy.