The two leading commercial auctioneers will between them offer 23 lots with guides of £1m-plus in their forthcoming sales, as sellers seek to capitalise on diverse buyer demand.
The Acuitus auction on 28 October lists seven such larger lot sizes among 38 lots, including a chunk of Soho with a guide price of £4.5m to £5m.
The 7,000 sq ft property at 14-15 D’Arblay Street (lot 10, pictured) comprises a cinema preview theatre with four floors of offices above – two of which are currently vacant. It produces current annual income of £174,450, and offers potential asset management opportunities including an imminent lease renewal, refurbishment or change of use.
Other larger lots in the catalogue include Northdown Industrial Park in Broadstairs, Kent (lot 12), guided at £2.75m. The 50,000 sq ft industrial building is separated into 12 units and a two-storey office building, all fully let and producing £240,350 per annum.
High quality retail features prominently: a 2,100 sq ft unit on the High Street in Wimbledon Village, SW19 (lot 17), is being offered with a guide price of £1.4m. Let to estate agents, Robert Holmes & Co, until 2030, it produces £72,500 pa.
Chairman Richard Auterac said: “Given the recent introduction of Use Class E, experienced investors are seeing a new dimension to retail, industrial and office properties, and are attracted by the combination of current income and the longer term potential to reorientate the asset.
“In this context, the micro-location and economic setting of an asset are playing a bigger part in determining price rather than the current use or occupier.”
The Allsop Commercial sale on 3 November, is set to offer 17 £1m-plus lots in a catalogue of 120, with the highest value being £3.1m-plus, a 6.2% yield. Lot 23 is a supermarket investment in Anglesey, Wales, let to Co-operative Group until 2035 with no breaks.
George Walker, partner and commercial auctioneer, said: “As the economic climate continues to change and evolve at a rapid rate, investors are looking for stable and strong income-producing yields and added value opportunities. The yield spread, from 5% to 30% has never been higher and reflects both a willingness to transact at one end and the anticipated competition for income and opportunity at either end of the risk curve.”
Other highlights include lot 27, a Grade II listed freehold office investment opposite Windsor Castle in Berkshire, guided at £1.5m to £1.6m-plus.
Allsop residential sale
Allsop has also gone live with its residential catalogue for 29 October, offering 254 lots with 12 guided at £1m-plus.
The largest is Kelham Hall and Country Park in Newark, Nottinghamshire (lot 50). Set on 44 acres of landscaped gardens and woodlands, it is one of the Midlands’ largest events venues with capacity for 1,000 people. The site has full planning permission and listed building consent for a 103-bedroom hotel and spa. It is guided at £6.5m-plus.
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