The final Acuitus multi-asset auction of 2020 raised £9.63m with a success rate of 80%.
The highest price achieved for a lot sold under the hammer was the £2.25m for a 56-bedroom Travelodge hotel investment in Crewe. The property is let to Travelodge Hotel Limited until 2030, and produces current annual rent of £218,610.
Acuitus Chairman and auctioneer, Richard Auterac, commented: “Once again, this auction demonstrated that, even in the most difficult economic and social situations, we are able to connect buyers with sellers and keep a vital part of the commercial property market moving forward.
“I’m incredibly proud of how the Acuitus team has adapted to live-streamed auctions this year whilst still maintaining the high level of client service which has always marked out the business.”
Elsewhere in the sale, a 3,605-sq ft shop in Caerphilly which is let to WM Morrison Supermarkets plc until 2064 with no breaks and sublet to Specsavers sold for £770,000. The current rent is £43,150 and the sale reflected a yield of 5.3%.
Among the lots that sold just prior to the auction was a rare opportunity to acquire a landmark office property in a stunning country manor setting at Datchet in Berkshire. The two detached buildings comprising 15,272 sq ft with parking for 64 cars on a site area of 1.76 acres were sold for around 15% above the £1.75m guide price to an owner occupier.
Looking ahead to next year, Richard Auterac commented: “We believe that demand for property at both a macro and micro investment level will remain strong. In fact, it may be strengthened if the current – almost unprecedented – level of personal saving that has taken place since the first lockdown can find its way into the property market.
“Creating a freely accessible, liquid and transparent market place will be important for future investors in commercial property. And in this respect, auctions will continue to play a key role through next year and beyond.”
The first Acuitus multi-asset auction of 2021 will take place on 11th February.