A major city centre freehold retail parade in Sheffield will go under the hammer in the Acuitus live-streamed commercial property auction on 23 September.
The investment (lot 12) comprises three units let to Co-Op Bank, Skipton Building Society and Toni & Guy, and produces total current income of £186,030 per annum with around five years term certain on the leases. The guide price is £1.7m-£1.8m, which would reflect a net initial yield of 10%.
Acuitus chairman Richard Auterac said: “There are many opinions surrounding the future trajectory of UK high streets. The challenges are obvious, but many buyers are trying to look past the pandemic and see what high street business are fundamental and will endure over time. The recent changes to the Use Classes Order and the introduction of use class E should also create a significant opportunity for investors and developers.”
The September catalogue features 55 lots, the firm’s largest so far this year by some margin. Like Allsop, it has also moved away from the traditional start to the autumn auction season in October in order to meet demand.
Auterac said: “The auction room is attracting growing groups of committed buyers and sellers who see it as a route to market which brings certainty, price transparency and diversity of assets.
“As the market has moved forward in the wake of the lockdown, the auction room is providing vital insights into investor attitudes and how values are responding. We took the decision to add this auction to our 2020 programme of sales because of the increasing momentum in the market, and the size of the catalogue reflects this.”
The sale features industrial, retail, office, assisted living, medical and development assets with guide prices ranging from £40,000 to £3.25m.
Highlights include:
- Lot 10: 105 Golders Green Road, NW11, recently let shop with newly developed flats above. Currently producing £42,500 pa with four flats ready to let. Guide price: £2m-£2.25m
- Lot 11: Co-Op, Brampton, Cambridgeshire, a freehold purpose-built convenience store with flats, shops and parking. Store let to Co-op let until 2033 (no breaks). Currently producing £185,100 pa. Guide price: £3m-£3.2m
- Lot 5: The Broadway Mill Hill, NW7, a freehold chemist and residential investment close to Mill Hill Broadway Thameslink station. Currently producing £60,000 pax. Guide price: £950,000-£1.05m
- Lot 31: Units 17-21, Upton Industrial Estate, Poole, a freehold industrial development/refurbishment opportunity offered with vacant possession. Currently comprises 113,775 sq ft of space on 4.5 acres. Guide price: £3.25m
- Lot 6: 46-50 Coombe Lane, Raynes Park, Wimbledon, a freehold retail and residential parade with asset management and development opportunities. Currently producing £122,700 pax. Guide price: £1.75m-£1.85m
To send feedback, e-mail julia.cahill@egi.co.uk or tweet @EGJuliaC or @estatesgazette
