Four commercial units in a Berkeley Group development on Kensington High Street are among the lots to be offered at Barnett Ross’ October auction.
Units 1, 2, 4A and 5, at St Edward’s 375 Kensington High Street development, W14, measuring between 1,205 sq ft and 406 sq ft, are to be auctioned on 29 October at guide prices ranging from £520,000 to £1.2m.
The units, which currently comprise a gym, a clinic, a pilates studio and a JLL sales office, are to be offered as four separate lots, each with a 999-year leasehold.
Rents for the investments currently stand at between £26,000 and £60,000 a year, reflecting a yield of between 5% and 6%.
Barnett Ross said that the seller, an offshore company, had acquired the units as part of a larger portfolio and was selling them because they did not suit its needs. The company added that the leases offered a wide and flexible variety of uses.
Steven Grossman, director and chartered surveyor at Barnett Ross, said that the lots demonstrated the success of auctions for appealing to private investors in a difficult market.
“This is a rare opportunity to buy these sorts of investments in central London,” he said. “Our client felt that by selling these investments by auction, it would generate a lot of interest among seasoned private investors, while selling all four lots by private treaty might have been an uphill battle.”
Barnett Ross’ next auction will take place on 29 October at the Montcalm Hotel, Great Cumberland Place, W1.
