The first Acuitus commercial property auction of the year on February 15th features three prime assets in Nottingham.
A fully-let retail parade, with significant upper parts, at 13-25 Milton Street in the heart of Nottingham produces a current annual rental income of £210,275 and is guided at £2.1m+. On the busy Lenton Lane Industrial Estate, a rarely offered electricity generation facility is also up for auction with a guide price of £1m+. It is located on a 3.25-acre site and produces an annual income of £72,000 which will rise to a minimum of £105,034 in 2025 on a lease expiring in 2035.
The final Nottingham lot in the sale is a 16,375-sq ft industrial estate on the Forest Court Industrial Estate is guided at £1.495m+. It comprises 11 fully let units and produces an annual income of £105,360.
Acuitus Investment Director, John Mehtab, comments: “Each of these lots offer differing opportunities for buyers and we expect to see a wide range of investor interest in them. We are delighted to be acting jointly with Avison Young.”
The auction features a range of other assets including a mixed-use investment at 61-61a Kew Bridge Road, in London TW8, next to Kew Bridge railway station. The property currently comprises a café, fitness studio, and a flat which together generate an annual rental income of £88,200 and is guided at £1.4m.
Jon Skerry of Acuitus comments: “This is a landmark property in a strong London suburb right next to Kew Bridge. We expect it to be popular with investors looking for assets in an undoubted Thames-side location”.
In Newton Abbot, a prominent retail park is for sale with a guide price of £2m. The newly-built asset currently generates £153,500 pa, and benefits from long leases to established retailers such as the Co-Operative Group, whose lease runs until 2037 with no breaks. All leases on the property are subject to five-yearly CPI-linked rental increases.
The 94,215 sq ft Trident Shopping Centre in Dudley is also being offered with a guide price of £2.75m. All of the shops in the centre are fully let and produce an annual income of £468,800. The freehold comprises 17 High Street facing shops and a further 10 shops within the mall. The Shopping Centre also benefits from parking for 175 cars.
A modern medical centre investment in Hastings is also being offered in the sale. The 7,622-sq ft Old Town Surgery on Rock-A-Nore Road, which is let on a 20 year lease, producing £125,255 in annual rental income and is guided at £1.25m.
Acuitus Chairman, Richard Auterac, comments: “Encouraged by more favourable borrowing terms and the prospect of lower interest rates, investors are bringing new liquidity into the market and we believe this can translate into higher transactional volumes.
“However, buyers remain particular about their investment criteria and are very much focused on secure income and asset management potential”.
The auction will take place on Thursday February 15th at 1pm and will be broadcast via livestream on the Acuitus website with bidding online, by telephone and by proxy.