Acuitus has released the catalogue for its auction on 30 March. Of the 45 lots in the sale, 11 have guide prices of £1m-plus, and encompass mixed-use investments, high street retail, leisure, car parking, development opportunities, ground rents and industrial warehouses.
A retail parade in Southampton at 23-41 London Road is being offered with a guide price of £2.5m. The property consists of 10 shops and currently generates combined rental income of £257,550 pa. The majority of the retail units are let to established local operators and have leases which have been renewed in recent years.
David Margolis, investment director and auctioneer at Acuitus, said: “We have seen a flow of retail parades come through the auction room over the past 12 months, and they have proved extremely popular with investors. The multiple revenue streams and active asset management opportunities are key factors for purchasers.”
In Liverpool, a new Burger King drive-through restaurant at the Aerodrome Retail Park next to Liverpool John Lennon Airport is let on a new 20-year lease with five-yearly reviews at an initial rent of £135,000. The investment is being offered with a guide price of £2.35m-£2.4m.
John Mehtab, investment director at Acuitus, said: “Drive-through investments offer investors long-term secure income from good covenants, and are usually in strong locations on major transport routes close to retail parks. This Burger King drive-through rent devalues to only £12 per sq ft, offering potential growth.”
Other highlighted lots include a Grade II listed restaurant investment in the centre of York, at 47 Low Petergate, with a guide price of £2.25m (pictured). It is let to Five Guys and currently generates £148,680 in rent. On Old Brompton Road in Kensington, west London, a five-storey mixed-use high street restaurant and residential property currently producing annual rent of £67,500 is being sold with a guide price of £1.5m.
Charlie Powter, director at Acuitus, said: “Both of these properties are high-quality assets. The York property is probably the best restaurant investment in this historic and dynamic city. Old Brompton Road is an internationally renowned address and the property may, in addition to being the home of one of London’s finest Italian restaurants, be suitable in the future for refurbishment and reconfiguration, subject to the necessary consents.”
Richard Auterac, chairman of Acuitus, added: “Bolstered by better than forecast economic indicators and a more stable political outlook, investor confidence is improving and sellers are now seeing the opportunity to bring assets to market at prices which will meet their strategic needs”.
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