Fund manager Principal Real Estate Europe has instructed Allsop to hold a second online auction of retail property owned by Local Shopping REIT.
The sale, scheduled for 17 September, will see 17 lots from around the country go under the virtual hammer using Allsop’s online platform.
The investment properties are listed with “reserves not to exceed” figures, which total £3.47m, and generate combined income of around £360,000 pa.
The highest-value lot in the September online auction is a freehold parade of five shops, six flats and a townhouse at 124-132 Old Road, Clacton-on-Sea. The property is offered with a reserve not to exceed £675,000 and generates £66,042 pa.
A development opportunity at 76 The Esplanade, Weymouth, is expected to be particularly sought after. The attractive Grade II listed property is let on an overriding lease to Betfred until 2024 with the self-contained upper parts providing a possible future development opportunity. The property is being offered with a reserve not to exceed £275,000.
In Liverpool, a local shopping parade of eight shops and nine self-contained flats at 253-89 East Prescot Road, close to two major hospitals, is being offered with a reserve not to exceed £500,000.
The sale follows Allsop’s first online commercial auction in April, when it sold six lots and raised just over £1m.
Local Shopping REIT has been disposing of its assets since 2013 in order to repay debt and return remaining capital to shareholders. Internos, now Principal Real Estate Europe, was appointed to liquidate its 600-plus portfolio and in turn instructed Allsop to carry out major portfolio sales and individual disposals through private treaty and auction.
Ben Hodge, associate at Allsop, said: “This catalogue, offered on behalf of the same single vendor as our first commercial online auction, is reflective of the strong appetite shown by investors for this platform back in April. This catalogue is offering a wider variety of assets, presenting more opportunities for buyers on the day.”
Buyers can now register for the 17 September sale, which will start at 10am with lots closing from 2pm.
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