A newly developed and fully let retail and residential investment in Dunstable, Bedfordshire, is among the lots on offer at Acuitus’ first commercial property auction of the year.
The redeveloped former Woolworths store comprises two shops totalling 1,453 sq ft and 26 flats, producing a combined annual rental income of £311,240. It is being offered with a guide price of £4m-£4.25m.
Acuitus investment director John Mehtab said: “We are seeing a growing number of repurposing projects on high streets and this is a good example of where the emphasis of use has shifted from retail to residential.
“A sale at the projected guide price would produce a yield of around 8% and we expect this asset to be popular with investors looking for this balance of use”.
The auction features a range of assets, including a retail and office ground rent above Barbican Station at 135-137 Aldersgate Street, EC1.
The long leasehold interest in the 17,473 sq ft property runs until 2139 with annual reviews and currently produces an income of £71,144. It is being offered with a guide price of £850,000.
Director Charlie Powter said: “The security of income that ground rent investments provide is very attractive to investors who want to build portfolios which generate predictable and progressive returns”.
Other featured lots include a 2.1-acre development opportunity in central Manchester close to Salford Quays. The Printhouse site at 418 Chester Road is being offered on behalf of liquidators with a guide price of £1.5m and previously had planning permission for a high-density residential development
Elsewhere, a roadside trade counter investment in Southend-on-Sea is being offered with a guide price of £1.4m-plus. The property has two occupiers paying a combined annual rent of £100,250, and the site has long-term development potential.
Chairman Richard Auterac said: “Investors are entering the new year with some more clarity about the market.” While valuers get to grips with the changed economic conditions following last year’s volatility, auctions remain a dynamic guide to asset pricing, and are invaluable to investors who are looking to implement their strategies”.
The auction will take place on 16 February via livestream, phone and by proxy.
To send feedback, e-mail newsdesk@eg.co.uk or tweet @EGPropertyNews
