A packed room at the Acuitus March auction saw the sale of 74 lots for a total of £47.36m.
On what was the hottest day in London so far this year,The auction reflected a success rate of 86% with 16 lots selling for more than £1m.
Acuitus Chairman, Richard Auterac, commented: “Today’s sale was in line with our view of the market: broad-based investor demand targeting property of all sector types. Competitive bidding consistently saw lots sell well above their reserves and the sale attracted national and international investors”.
In London, a highly reversionary long let office investment at 13 Grosvenor Gardens and 13 Grosvenor Mews, Belgravia sold for £1.505m at yield of 1.98%. The 7,973 sq ft Grade II listed property is located close to Buckingham Palace, is let to Polyglobe until December 2050 without breaks and produces a current annual income of £23,064.
A freehold restaurant investment in Guildford achieved £2.45m – the highest price in the room. Let on a 20-year lease until 2036 to Jackson & Rye Restaurants, and guaranteed by Cote Restaurants with no breaks, the property produces annual income of £130,000 and sold at a yield of 4.9%.
Industrial properties were notably strong in the sale. The 8,196 sq ft Units 2 & 3 at Baird Close in Crawley sold for £1.11m at a yield of 5.9% while a 18,961 sq ft freehold warehouse investment on the Coldharbour Lane Industrial Estate in Harpenden sold for £1.79m at a yield of 6.34%.
Of the 33 Scottish lots offered in the sale all but two found buyers with the top price among them of £1.81m being achieved by Raeburn House in York Place, Edinburgh. The 8,778 sq ft office investment currently produces annual income of £119,00pa and has potential for residential conversion subject to the necessary consents.
Richard Auterac commented: “Investors are making it plain what they demand, so the ball is really now in the sellers’ court. If they supply the right assets, these will sell at good prices.
“There was tremendous positivity in the room today and that is reflected in the prices paid and the overall success rate”.
Other lots which sold in the auction included:
The next Acuitus auction will take place on May 25th at the Radisson Blu Portman Hotel, 22 Portman Square, London W1H 7BG.