Acuitus has sold what it believes to be the highest-priced commercial lot ever bought by an internet bidder at an open outcry auction.
Its latest sale raised £67.6m – its highest total so far – and had a success rate of 89%.
Among the 75 lots offered was a 13,750 sq ft warehouse in Newport, Shropshire, let until 2022 at a current rent of £156,400 pa. It sold for £1.7m to an internet bidder, giving a gross yield of 9%.
Acuitus auctioneer Richard Auterac said that a lot of this size selling to an online bidder was a “landmark for us and the sector” and that more people – especially bidders based overseas – would start going online to buy properties at auction.
He added: “Having sold more than £6bn of assets during my career in the auction room this is admittedly a small additional step but potentially a giant leap forward in opening up private equity to direct investment in commercial property.”
Larger lots have been sold elsewhere to online bidders. Singer Vielle has sold lots as large as £5.2m at online sales.
But Acuitus believes the Newport warehouse fetched the highest price for an auction that welcomed bids from the room as well as online.
The £67.6m total is a 74% increase on its previous sales total in July, and exceeds last October’s by more than £10m. However, both those sales generated higher success rates, at 94% and 93% respectively.
A 16,199 sq ft freehold office building in Bournemouth, Dorset, with shops and residential development potential and a £63,000 pa income sold for £1.4m.
The sale took place on 22 October at Radisson Blu Portman Hotel, W1.
