The first Acuitus commercial property auction of 2022 has raised £21.4m with a success rate of 93%.
Eight lots sold for over £1m while the auction achieved an average sale price of £855,700.
Acuitus chairman Richard Auterac said: “This was an emphatic opener for our 2022 auction series and there was tremendous energy from investors with retail parade, trade counter and asset management opportunities generating a particularly high level of bidding.”
A parade of five shops with residential above at 288-306 High Street in Harlington, west London, sold for £2.5m, some £800,000 above its initial guide price. The sale price reflects a net initial yield of 4.8%.
Also in west London, a freehold supermarket and residential ground rent investment sold for £1.9m – a 5.4% yield. The 5,330 sq ft Tesco Express is let on a new 15-year lease with a tenant break at year 10. The block also includes eight flats producing ground rent income. In total, the investment produces an annual income of £110,800.
The largest lot sold under the hammer was the former Change of Hart pub in Edgware, which went for £2.8m. Producing current income of £152,000, the property also has a large car park which offers residential development potential subject to necessary consents.
Another big seller at the auction was a short leasehold interest in the Odeon in Swiss Cottage, which sold on behalf of a major fund for £2m. The leasehold interest comes to an end in 2032.
The next Acuitus auction will take place on 31 March and will provide online, telephone and proxy bidding.
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