The latest Acuitus commercial property auction raised £27m with a success rate of 84%.
A freehold retail and residential parade on Mare Street in Hackney, E8, sold for £3.45m, a 6% yield, at the November sale. The 10,630 sq ft property at 239-249 Mare Street comprises three restaurants with office and residential space above.
Three trade counter assets let to Travis Perkins in Bolton, Newmarket and Weston-super-Mare were sold for a combined price of £3.31m, with the strongest yield of 5.5% and an average yield of 6%.
At 18 Great Suffolk Street, SE1, a ground-floor leasehold retail investment sold on the instruction of LPA receivers for £1.98m – a gross yield just shy of 11%. The current tenants are Sainsbury’s and Costa Coffee.
Three lots in Aberdeen were sold, including a heritable business centre investment at Waterloo Quay offered on behalf of administrators which achieved £1.35m after determined competitive bidding.
Mhairi Archibald, who leads the auctioneer’s Scottish business, said: “An investment of this size gives the new owners the significant opportunity to actively manage the income and expenditure and maximise occupation and net income.”
In the Reading area, two office park investments sold for a combined £1.95m, along with a retail parade in Woodley which sold just prior to auction in line with its guide price of £3m.
A grade-A office building of 37,000 sq ft on the Vanwall Business Park Maidenhead, Berkshire, sold just prior to the auction in line with its £2.75m guide.
Investment director Jon Skerry said: “There is definitely a strong following for assets such as these from the latest breed of experienced buyers who recognise the value to be extracted from vacant ex-institutional office buildings.”
Acuitus will hold its next auction on 13 December.
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