Leading specialist commercial property auctioneer and adviser, Acuitus, has released the catalogue for its auction on March 30th. Of the 45 lots in the sale, 11 have guide prices of above £1m, and encompass mixed-use investments, high street retail & retail parades, leisure, car parking, development opportunities, ground rents, and industrial warehouses.
A High Street retail parade in Southampton at 23-41 London Road is being offered with a guide price of £2.5m. The property consists predominantly of 10 shops, and currently generates combined rental income of £257,550. The majority of the retail units are let to established local operators and have leases which have been renewed in recent years.
David Margolis of Acuitus comments: “We have seen a flow of retail parades come through the auction room over the past 12 months, and they have proved extremely popular with investors. The multiple revenue streams and active asset management opportunities are key factors for purchasers”.
In Liverpool, a new Burger King drive-thru restaurant at the Aerodrome retail park next to Liverpool airport is let on a new 20-year lease with five-yearly reviews at an initial rent of £135,000. The investment is being offered with a guide price of £2.35m-£2.4m.
John Mehtab of Acuitus comments: “Drive-thru investments offer investors long-term secure income from good covenants, and are usually in strong locations on major transport routes close to retail parks. This Burger King Drive Thru rent devalues to only £12 per sq ft offering potential growth”.
Other highlighted lots include a Grade II-listed restaurant investment in the centre of York, with a guide price of £2.25m It is let to Five Guys and currently generates £148,680 in rent. On Old Brompton Road in Kensington, west London, a five-storey mixed-use High Street restaurant and residential property currently producing annual rent of £67,500 is being sold with a guide price of £1.5m.
Charlie Powter of Acuitus comments: “Both of these properties are high quality assets. The York property is probably the best restaurant investment in this historic and dynamic city. Old Brompton Road is an internationally renowned address and the property may, in addition to being the home of one of London’s finest Italian restaurants, be suitable in the future for refurbishment and reconfiguration subject to the necessary consents”.
In Yeovil, five fully-let units at the newly developed Glenmore Business Park are being offered with guide prices ranging from £235,000 to £1.2m. David Margolis of Acuitus comments: “The park was completed last year and is in a popular trading location with nearby occupiers including Land Rover, Audi, BMW, Screwfix, Halfords, Travis Perkins, Subway and KFC. Many of the units on the park have already been sold to owner occupiers”.
Richard Auterac, Chairman of Acuitus continues: “Bolstered by better than forecast economic indicators and a more stable political outlook, investor confidence is improving and sellers are now seeing the opportunity to bring assets to market at prices which will meet their strategic needs”.
The Acuitus auction will take place on Thursday March 30th at 2pm. It will be broadcast via livestream on the Acuitus website and offers online, telephone and proxy bidding.
