Acuitus has raised £37.7m at its latest auction, posting a success rate of 75%.
38 lots sold out of 51 offered, including the 17,000 sq ft Sovereign House in Finchley, N3 which sold for £5.7m on a guide of £3.9m – one of the highest prices fetched by a commercial property at auction this year – and a yield of 6.2%.
The sale represents a continuation of subdued success rates – which averaged 85% in 2013 – for the firm in line with the wider market.
However, the total raised is one of Acuitus’ highest ever, topped only by sales in March 2014 and May 2013.
Thirteen lots in the July auction sold individually for more than £1m, with the average sale price across the 38 standing at £992,000.
An international language school in Poole Road in Bournemouth also sold for £2.25m.
Auctioneer Richard Auterac said: “There is enormous pent-up buyer demand out there. When you can bring to market the sort of good quality lots that this auction offered, there will be tremendous investor interest.
“Auctions have become one of the most efficient and productive marketplaces for properties in the £1m-£10m bracket and as yesterday’s sale demonstrates there is more than enough buyer demand both domestically and internationally for assets of the scale of Sovereign House.
“Sellers really should not ignore the present opportunities to access these new sources of private equity.”
The sale took place on 9 July at the Millennium hotel in W1.
chris.berkin@estatesgazette.com
