Acuitus raised £22.7m in its final auction of the year, with a success rate of 94%.
Dundee’s Wellgate Shopping Centre sold for £1.4m, well in excess of its £500,000 guide price. Sold on behalf of a fund manager, the mall comprises 76 retail units over ground, first and second floors and is let to tenants including B&M, Superdrug, Home Bargains, JD Gyms, Poundland and Burger King.
Acuitus investment director Peter Mayo said: “Investor appetite for shopping centres with large in-town footprints continues. This asset provides current income and the potential for substantial cash flow after active asset management and repurposing.”
The highest price achieved on the day was £2.485m for a former public house on a 0.6-acre site in Dagenham, east London, with residential redevelopment potential.
Elsewhere in the sale, a long leasehold Sainsbury’s Local in Croydon let on a new 15-year lease with a 10-year tenant break and five-yearly CPI-linked rent reviews sold for £805,000 at a yield of 5.3%.
Industrial investments also remain popular, with a terrace of three dated units close to junction 34 of the MI at Sheffield selling for £912,000 at a yield of 6.4%
More than a third of the lots offered sold for more than £1m and the average price achieved for all properties sold was in excess of £800,000.
Acuitus chairman Richard Auterac said: “The feeling from ‘the room’ is that the year has ended on a high, which bodes well for investors looking to place funds into commercial property and mixed-use residential schemes in town centres in 2022”.
The first Acuitus auction of 2022 will be live streamed on 17 February.
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