The forthcoming Acuitus auction on September 22nd features 48 commercial properties including a substantial supermarket investment which is being offered with a guide price of £8.75m.
The 51,051 sq ft Morrisons-let investment in Crawley, West Sussex is let on a lease until 2037 with no breaks and 2.5% annual rent uplifts. The current annual rent is £489,792 which will increase to £500,812 in April of next year.
Charlie Powter of Acuitus comments: “Given the location, lease length and covenant, we’re expecting substantial investor interest in this asset. Tenants in the grocery sector have proved to be resilient during the pandemic and the challenging economic conditions we have been facing”.
Elsewhere in the sale, a trio of Halfords-leased car servicing centres in Birmingham, Bolton, and Manchester are available with guide prices ranging between £750,000 to £1.25m. All three properties are let until 2036, without break, with annual uncapped RPI-linked rent reviews.
David Margolis, Investment Director and Auctioneer, comments: “Despite the geographical spread of these three properties, they all share the same occupier, length of lease, and the annual uncapped RPI-linked rent reviews that will prompt investor demand”.
The auction also features a freehold warehouse investment in Swinton, Manchester which has seven years to run on a lease with current annual rental income of £125,000. It is being offered with a guide price of £1.9-£2m.
A purpose-built Royal Mail Distribution Centre in Queen’s Drive, Kilmarnock that produces an annual rent of £95,500 is also included in the sale with a guide price of £1.1m-£1.2m. The lease on the 18,424 sq ft property was renewed in November of last year, at the same rent, for a term of 10 years with a tenant break-option in the fifth year.
The auction catalogue also offers a range of attractive High Street retail assets, with some mixed retail/residential investments leading the pack.
Acuitus Chairman, Richard Auterac, comments: “The final quarter of each year is when property investors focus on shaping their portfolios ahead of the year-end. As a consequence, it is an extremely active investment period and we expect this to be reflected in the auction room”.
The Acuitus auction will take place on September 22nd at 1pm and will be broadcast via livestream on the Acuitus website with bidding online, by telephone and by proxy.
