April sale results

In a sale which clearly illustrated the current characteristics of the property investment market,  Acuitus’s April auction raised £10.67m with a success rate of 65%.

The sale was Acuitus’s second of the year and brings the total of assets sold to over £37m.

Acuitus auctioneer, Richard Auterac, commented: “Once again, the auction demonstrated the precision of buyers’ preferences with some lots selling very well – considerably above their guide prices.  

“Lot size does not appear to be a hindrance as demonstrated by the range of prices in today’s sale: £125,000 to £2.355m, but buyers do remain very exacting in their requirements.

“Coming into this sale, it very much felt that the market was still digesting the data provided by the February/March sales and had perhaps not quite yet settled on a strategy going forward. Paradoxically, by comparison, the catalogue for our May auction is building well and it feels that some momentum will be regained in the summer after this apparent ‘pause for thought’.”

 

Notable sales in the April auction included:

• Two freehold investments in London’s Marylebone  close to Baker Street which sold for £2.355m and £1.55m. Producing £121,900 and £80,960 respectively, the mixed retail and residential investments were the subject of competitive bidding. The yields achieved were 4.89% and 4.92%.
• A prime freehold shop In Albion Street, Leeds, close to the city’s forthcoming Trinity Shopping Centre development, sold for £1.125m.
• Of the smaller lots, a freehold leisure investment in Church Street, Croydon sold for £347,000 – more than 50% above its guide price. Currently let to a fitness centre, the property produces income of £31,000pa.

Acuitus’s next auction will take place on May 26^th at The Millennium Hotel, Grosvenor Square, London, W1.