The highlight of the auction was the sale of the Barclays Bank at 18-19 Fleet Street. Guided at £1.4m, the property sold for £2.27m to a Greek investor at a yield of 3.92%.
Central London investments proved popular throughout the sale together with supermarkets and ground rents. A Tesco Express in Burnham-on-Crouch, Essex sold for £922,000 at a net initial yield of 4.90%.
Other notable sales included:
The quality of the properties featured in the first sale was reflected in the prices that many achieved. However, the widespread economic uncertainty of the past two weeks both domestic and global has lead to the need for a careful approach to pricing. In the current financial climate, buyers are being very discerning but the appetite for London-based investments and well secured income remains strong as demonstrated by the Fleet Street lot.
Given the international contingent in the crowded room, it is clear that UK auctions are becoming a focus for international investors looking for quality assets.
The Acuitus team is delighted to have completed their first sale and are now taking instructions for the second auction. Please contact Richard Auterac, Peter Cunliffe, Charlie Powter, John Mehtab or Jo Cordrey if you would like a pre-sale appraisal of any properties for our forthcoming auction on July 8 at the Millennium Hotel, Grosvenor Square.