Acuitus launches March catalogue

20th March 2024

A Grade B listed city centre Glasgow office investment is one of the highlights at the forthcoming Acuitus commercial property auction to be held on March 27th.

A heritable city centre office investment at 220 St Vincent Street in Glasgow is being offered with a guide price of £3m. The 27,054 sq ft property comprises six floors of office accommodation, which is let to HKA Global, Hiscox, and Orega – a serviced office provider with a 98% occupancy rating. In total, the property produces £466,979 in rental income and has an EPC rating of A.

David Margolis of Acuitus comments: “Correctly priced prime office assets are still very much in demand for investors, especially when considering city centre locations, reliable lists of tenants, and high EPC ratings. This property, which is being sold on behalf of a major fund, also has active asset management potential.”

In Nottingham, a freehold petrol station and convenience store investment is being sold with a guide price of £2.9m on behalf of a major fund. The property is situated at 705 Woodborough Road in Mapperly, a popular suburb of Nottingham. The lease on the property was recently extended to August 2037, with no breaks, and currently produces an annual rent of £213,774. The rent is guaranteed to rise to £241,865 in 2027 and £273,648 in 2032.

Charlie Powter of Acuitus comments: “Roadside investments often attract significant investor attention, especially those with good covenants and reliable tenants that offer long term guaranteed income.”

Two prime landmark buildings in Leicester city centre also feature in the catalogue. The freehold of a recently renovated HSBC bank is being offered with a guide price of £2.2m, with a substantial rebased rent of £200,000 p.a. agreed in 2021. Elsewhere, the freehold of a popular and high end national restaurant operator, San Carlo, occupies an attractive period building at 38-40 Granby Street and is being sold with a guide price of £700,000, and currently produces £58,750 per year.

In central Cardiff, the freehold of the Revolution Bar which is prominently situated at 9-11 Castle Street is being offered with a guide price of £2m-£2.1m. The property comprises a popular bar and restaurant, with four newly refurbished office suites on the upper floors. In total, the asset produces £287,000 in annual rental income with further active asset management potential.

Richard Auterac of Acuitus comments: “This catalogue offers investors a wide range of commercial property assets from industrial sites and prime offices to retail parades and the leisure sector. This is a reflection of the wider market which is starting to pick up pace as the economic setting begins to move in a more positive direction”.

“Sellers are alive to the depth of demand and as a consequence there are some exciting assets now coming to the market.”

The auction will take place on Wednesday March 27th at 1pm and will be broadcast via livestream on the Acuitus website with bidding online, by telephone and by proxy.