A freehold retail and residential parade on Mare Street in London’s Hackney – close to where the Rolling Stones launched their latest album – is among the 46 lots at the forthcoming Acuitus commercial property auction to be held on November 2nd.
The 10,630 sq ft property at 239-249 Mare Street comprises three restaurants with office and residential accommodation on the upper floors. The current annual rental income is £219,287 and a sale at the guide price of £3.5m would reflect a net initial yield of 6.27% and a capital value of £300/sq ft. The property is located a quarter of a mile south of the Hackney Empire where the legendary rock band launched their Hackney Diamonds album last month.
Charlie Powter of Acuitus comments: “From a property perspective, this lot is a bit of a “Hackney Diamond” in its own way as it offers asset management opportunities through outstanding rent reviews and potential future change of use. This part of London is already culturally vibrant and is one of the most upcoming places in the capital”.
Further lots in the auction include a portfolio of four trade counter Investments in Weston-super-Mare, Newmarket, Cannock, and Horwich. All are let to Travis Perkins until 2031 (no breaks), with five-yearly rent reviews and minimum uplifts of 3% pa compounded. Guide prices range from £650,000-£1.875m.
Jon Skerry of Acuitus comments: “We have seen a number of trade counter properties selling successfully at auction this autumn. Investors are looking for assets which provide rising income from established occupiers on large plots with low site coverage. These four properties offer buyers the opportunity to tap into this important sector”.
The sale on November 2nd also features an unbroken retail and residential parade in Woodley near Reading which comprises five retail units and eight self-contained flats. The property currently generates an annual income of £308,200, rising to £309,700, and has a guide price of £3m-£3.25m.
John Mehtab of Acuitus comments: “This asset which is located in an affluent part of the Thames Valley in the Reading conurbation offers investors income from both retail occupiers and ASTs on the nine flats on the upper floor. There is also potential for further residential expansion with an additional floor”.
Two well-known public house investments in central Leeds and Bedford are also being offered in the catalogue, both let on long unbroken leases to the Barley Pub Company with guarantor and subject to annual RPI rental increases to a minimum of 2% and maximum of 4%. The guide prices reflect yields ranging from 10.8%-11.1%.
David Margolis of Acuitus comments “This is a rare opportunity to acquire public houses which are so well located, let for another 20 years and have annual RPI rental increases and at double figure yields”.
In Aberdeen, a major heritable business centre investment at Waterloo Quay is being sold on behalf of administrators. Comprising five buildings with the majority of the complex let to occupiers in energy, healthcare and training sectors, the centre generates £443,528 and has a guide price £1.125m.
Mhairi Archibald, Acuitus’ Scottish consultant comments: “The substantial property of 75,000 sq ft which operates as a business centre, sits prominently in Aberdeen’s harbourside and offers investors active asset management opportunities”.
Richard Auterac continues: “The private investor market continues to move forwards offering opportunities to strategically expand portfolios through the great volume and diversity of properties that are featuring in our sales. Disposals by investment funds and managers give the shrewd investor the chance to buy into the market at this point in the cycle”.
The Acuitus auction will take place on November 2snd at 1pm and will be broadcast via livestream on the Acuitus website with bidding online, by telephone and by proxy.