Historic properties in London, Bradford and Norwich and were among the lots which saw Acuitus raise £17m from its first auction of the year with a 90% sale rate.
In Bradford, the ground rent interest in the Grade I-listed Wool Exchange on Market Street was sold on behalf of the City of Bradford Metropolitan District Council for £771,000 at a yield of 6.15%. The current annual ground rent of the 30,947 sq ft building is £50,000 and is geared to the total net occupational rent paid by the property’s retail and office tenants.
In Norwich, a freehold Grade II*-listed office investment at 18 Colegate was sold for £395,000 at a yield of 7.29% on behalf of the city council.
John Mehtab of Acuitus comments: “We have a specialism in advising local authorities and, as these two sales demonstrate, are also able to successfully bring to market historic properties and unlock their value”.
Among the nine London lots in the February catalogue that found buyers were the former East London Synagogue in Whitechapel London E1 which was guided at £2m and the Hermit’s Cave public house in Camberwell which was guided at £1m. Both lots sold prior to auction at substantially above their guide prices.
Elsewhere in the capital, a mixed-use retail and residential asset in Acton sold in the room for £905,000 at a yield of 7.96%.
David Margolis of Acuitus comments: “There is still a high level of sustained investor demand for London assets – though precise pricing continues to remain crucial for delivering successful sales”.
In a further example of demand for asset management and repurposing opportunities, a prominently situated and predominantly vacant former bank in Stratford-Upon-Avon attracted concerted bidding and eventually sold for £930,000 – well above its guide price of £675,000.
Across the regions retail parades remain very popular and this auction saw a parade of three shops in Acocks Green, Birmingham, sell under the hammer for £1.02m; while a prime retail opportunity in Winchester that benefited from a strong covenant sold prior – again substantially in excess of its £1.5m guide price.
Acuitus Chairman, Richard Auterac, comments: “The Winchester property was sold to an overseas buyer which highlights how online auctions are able to create a broad pool of buyers that encompasses local, national and international investors”.
The next Acuitus auction will take place on March 26th at 1pm and will be broadcast via livestream on the Acuitus website with bidding online, by telephone and by proxy.
