Development opportunities at last Acuitus auction of 2021

25th November 2021

The final Acuitus commercial property auction of 2021 will feature 43-lots including significant development opportunities plus office, industrial, banking, high street/shopping centre and ground rent investments.

Acuitus Chairman, Richard Auterac comments: “We’ve seen investor sentiment towards commercial property strengthen across the course of the year. Appetite for retail assets in particular has significantly increased while properties that offer asset management and development potential have also been in demand”.

The largest lot of the auction is a major freehold town centre development opportunity fronting Friar Street & Market Place in Reading. It is being sold vacant with planning permission granted for a 182-bed hotel, together with retail and residential units. It is being offered with a guide price of £3.85m.

Acuitus Director, Charlie Powter comments: “This is an exceptional opportunity in the heart of one of the Thames Valley’s most affluent towns. As international travel recommences newly developed Hotels will be in great demand in major towns around London. At the same time this site would lend itself to a major alternative residential lead scheme given its strategic location being a short walk from the station, prime retail, leisure and office areas in Reading town centre ”.

Another lot with major development potential comprises two large shops with a separately accessed Pilates studio and offices above in Weybridge, Surrey. It produces a current annual income of £183,300 and is being offered with a guide price of £2.5m-£2.75m. In the longer term, it provides a development and change of use opportunity on the upper parts and a site to the rear of the property.

Acuitus Director, David Margolis, comments: “This is a rare opportunity to own a property in the affluent area of Weybridge. A Lawful Development Certificate was granted by Elmbridge Borough Council in October 2016 for change of use of first floor to create 2 flats with retail use to remain on the ground floor, unlocking its future development potential”.

Elsewhere in the auction, a banking investment in London’s Wembley let to Bank of Scotland PLC until 2027 (no breaks) is being offered with a guide price of £1.5m-£1.6m. It produces an annual income of £102,000.

Acuitus Director, John Mehtab, comments: “The town centre locations of banks and the strength of their present occupier covenant offer investors good, secure income now and the possibility of a change of use in the long-term”.

Other lots in the sale include:

  • Northwich, Cheshire: A virtual freehold office investment let to Whittingham Riddell LLP until 2030. Producing £138,000 pa. Guide price: £1.425m
  • Holloway Road, London: Freehold retail & residential investment let to The Works with four flats above (two let on AST’s). Producing £127,000 pa. Guide £1.6m/£1.7m
  • Dundee, Scotland: Substantial high yielding 530,000-sq ft Wellgate shopping centre investment let to occupiers including a Job Centre, Iceland, B&M, Superdrug and Poundland. Producing £1.34mpa (gross). Guide price: £500,000

The auction will take place on December 13th at 1pm and will be broadcast via livestream on the Acuitus website with bidding online, by telephone and by proxy. Further details here.