The catalogue for the Acuitus commercial property auction on Thursday September 17th features 35 lots including a substantial West Yorkshire retail parade with a guide price of £3.8m-£4m.
Being offered on behalf of a major fund, the long leasehold 21-unit unbroken retail parade on Market Square in the heart of Shipley town centre comprises 42,653 sq ft of space and generates annual rental income of £468,250. With four currently vacant units, it offers immediate asset management and letting opportunities.
John Mehtab of Acuitus comments: “A retail parade of this scale in the centre of an established town is rarely offered at auction. With a diverse mix of occupiers, strong income and opportunities to enhance value through letting the vacant, we expect this lot to attract interest from a broad range of investors”.
Elsewhere in the September 17th auction, again acting on behalf of a major fund, a 68,544 sq ft freehold office investment in Staines is being offered with a guide price of £3m which equates to £43 per square foot. The building at One, The Glanty occupies a 2.11-acre site and also provides parking for 293 cars, The currently vacant property is arranged over four storeys and is around three miles from Heathrow Airport.
Charlie Powter of Acuitus comments: “This property is in the centre of an affluent town and benefits from strategic transport links. It offers a range of potential asset management and redevelopment opportunities, subject to the appropriate consents”.
In total, the auction features nine lots with guide prices above £1m. A freehold retail and dental practice investment on Broad Street in Reading, opposite the Oracle Shopping Centre, has a guide price of £2.42m. Once again being offered for sale on behalf of a major fund, the property’s ground floor retail units are let to Caffè Nero and Tortilla while the upper floors are occupied by a dental practice trading as Reading Smiles. The investment generates combined annual rental income of £240,000.
Jon Skerry of Acuitus comments: “A well-let property such as this which enjoys a prominent location in the pedestrianised shopping district of a thriving town centre will appeal to investors looking for diversified income in a strong location”.
A number of Greater London properties are included in the September sale. A freehold mixed-use parade with development potential in Cavell Street, Whitechapel E1 has a guide price of £1.3m and currently produces £108,500 in rental income. In Leytonstone, a mixed retail and residential investment, generating £81,200 in rental income, is offered with a guide price of £1.2m-£1.25m. While in Wembley, a vacant freehold development opportunity that benefits from granted planning permission for a mixed-use scheme providing 79 flats has a guide price of £1m.
Acuitus Chairman, Richard Auterac, comments: “Following the summer break, the September round of auctions attract investors who have fixed their strategy heading into the final quarter of the year and who are looking to secure the properties which align with this.
“Similarly, sellers are looking to capitalise on buying power in the market, so the Autumn sales invariably provide a strong signal of current investor sentiment.”
The Acuitus auction will take place on Thursday September 17th at 1pm and will be broadcast via livestream on the Acuitus website with bidding online, by telephone and by proxy.
