Assets offered for sale by major institutions were the highlights of the September commercial property auction.
A 68,544 sq ft vacant office building in Staines-upon-Thames sold on behalf of a major fund for £3.08m. Situated close to the M25 and Heathrow airport, the property offers a range of asset management and redevelopment opportunities.
Charlie Powter of Acuitus comments: “The Glanty comprises a group of substantial office buildings, some of which have recently secured permission for residential redevelopment. Benefitting from excellent transport links and an established town centre, bidders saw the potential for its repositioning”.
Other institutional assets finding buyers included an unbroken 21-unit retail parade in Shipley, West Yorkshire. The 42,653 sq ft parade produces £468,250 in annual rental income and sold prior to the auction (pre-auction guide range £3.8m-£4.0m).
In Luton, a freehold High Street bank which is let to Lloyds Bank at a rent of £115,000pa was sold after competitive bidding for £1.075m. The property is prominently situated in the town’s prime retail district and offers future scope for the conversion of the upper floors into residential accommodation, subject to the usual consents.
Acuitus Chairman, Richard Auterac, comments: “This was a sale where good quality assets found committed buyers. It bore out our belief that, even in these times of economic uncertainty, assets that are correctly priced and may offer active asset management opportunities will prompt sustained investor interest”.
The next Acuitus auction will take place on October 29th at 1pm and will be broadcast via livestream on the Acuitus website with bidding online, by telephone and by proxy.
