Two properties let to Barclays Bank and a prime shop in York occupied by Patisserie Valerie featured prominently at Acuitus’s first auction of 2012 which raised £9.6m with a sale rate of 64%.
Persistent bidding from two telephone bidders saw the Barclays Bank at 11-13 Queen Street in Ramsgate sell for £1m at a yield of 5.8% and £170,000 above its guide price. Bidders showed equal enthusiasm for a Barclays-occupied unit in Victoria Road, Aldershot which sold for £632,000 at a yield of 5.9%.
The highest price achieved on the day was £1.165m for 5 Feasegate in York – a 2,078-sq ft retail investment let to Patisserie Valerie at £67,000pa. The sale showed an initial yield of 5.4%.
After the auction, Acuitus auctioneer, Richard Auterac, commented: “Investor appetite today predominantly focused on the most straightforward investments. Whilst these may not present the asset management opportunities that some buyers look for, they are undoubtedly sound assets for building a portfolio of investments.
“Barclays’ occupational strategy and in particular their current willingness to extend leases – as was the case in Ramsgate where a new 10-year term has just been granted – is clearly resonating with buyers looking for security of income.
“All the lots offered on behalf of receivers and administrators also sold very well.
“Potential sellers have been evaluating their options since the beginning of the year and – ahead of our next auction on March 29 – it will be interesting to see how the flow of stock into auction room will progress.”
Other notable sales in the February auction included:
Acuitus is now taking sale instructions lots for its next first quarter auction which will take place on March 29 at the Millennium Hotel, London W1
