March auction offers development potential

14th March 2022

The 46-lot catalogue for the Acuitus commercial property auction on March 31st offers a number of development situations as well as a wide range of substantial investment opportunities.

A vacant 34,378 sq ft office building on a 2.2-acre site in Andover, Hampshire has permitted development consent for residential. Guilbert House with a 200-space surface car park is located on Greenwich Way to the north of the town centre and is being offered with a guide price of £3m+.

Acuitus Director, Charlie Powter, comments: “Approval has been granted for conversion of the office building to 66 apartments, and there could also be scope for further development on the car park subject to consent”.

A property in Reading’s Broad Street has also been identified as having potential for a redevelopment comprising three shops and 15 apartments. Located in the heart of the town’s retail district and close to the Oracle Shopping Centre. It has a guide price of £1m.

In Romford, the former Bitter End pub at 15-17 High Street has a guide price of £3.45m-£3.55m. Acuitus Director, John Mehtab, comments: “This is a strategically positioned property in the town centre with development potential and is a rare opportunity to buy in this location”.

The sale also offers a wide range of investment opportunities including a number of retail parades including Rhodes House in Leeds which comprises three supermarkets, a hair & beauty salon and two electrical shops in the city centre. Acuitus Director, David Margolis, comments: “Rhodes House is located at Vicar Lane between the Victoria Quarter and the new Victoria Gate John Lewis development.

“It’s a property which offers a good level of secure rental income and also the scope for active asset management”.

The current rental income from the investment is £361,110 and it is being offered with a guide price of £3.25m-£3.4m.

Similar lots in the sale include a fully-let mixed-use parade in Wickford, Essex producing annual income of £181,750 with a guide price of £2.3m-£2.4m, and a five-shop parade in Stroud with residential units above which together produce income of £121,840. Located on Kendrick Street, It is guided at £1.35m-£1.4m.

Acuitus Chairman, Richard Auterac, comments: “We’re now see an increasing volume of properties in our auctions that offer immediate opportunities for asset management where the value is underpinned by both commercial and residential elements.

“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 March 31st at 1pm and will be broadcast via livestream on the Acuitus website with bidding online, by telephone and by proxy.