A retail and office investment on Tooting High Street, SW17, guided at £2.95m (pictured) is among the London lots set to go under the hammer in the Acuitus auction on 18 May.
The ground floor is let to Ladbrokes with offices on the first, second and third floors. It produces £205,862 pa (lot 9).
London properties represent nearly a third of the lots in the catalogue.
Acuitus chairman Richard Auterac commented: “Greater London is still the favoured location of many investors, but supply remains relatively constrained.
“In the first quarter of this year, our Commercial Property Auction Data (cPad) research shows that London accounted for 17% of the lots sold by number, and 27% by value of all UK transactions. This was well above the 10-year average of 20%.”
Outside London, a mixed-use property in the centre of Coventry is guided at £2.95m-£3m (lot 10). The Old County Hall in Bayley Lane is home to a Slug & Lettuce bar on a lease expiring in 2041 on the ground floor, while the upper floors comprise 17 student accommodation units let to Coventry University. The property produces £203,316 pa.
Acuitus director John Mehtab said: “This is a substantial, prominent town centre property, and investors will be attracted by both the long lease on the leisure element and also the strong covenant backing the student accommodation.”
Two shopping centres will also be offered. The 51,498 sq ft Roebuck Shopping Centre in Newcastle-under-Lyme generates £102,416 pa and is guided at £650,000-£700,000 (lot 17).
In Falkirk, the 185,000 sq ft Howgate Shopping Centre, arranged as 56 units, is guided at £500,000, less than half its annual gross rent of just over £1m (lot 35). Acuitus surveyor Mhairi Archibald said: “The Howgate Centre is a good example of the type of shopping centre which is attracting entrepreneurial investors who look to take advantage of these assets’ large city-centre footprints and opportunities to drive income.”
LPA receivership lot
A light industrial asset in Norwood, south London, is being sold on instructions of joint LPA receivers. The property currently produces £91,200 pa and has a guide of £1.2m-£1.3m (lot 11).
Acuitus director Charlie Powter said: “In the recent cycle, we have not yet seen large numbers of distressed assets coming to auction, but LPA receiverships such as this are now steadily increasing. The pace of this trend may quicken as interest rates rise and refinancing becomes more expensive.”
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