The Acuitus commercial property auction on May 26 demonstrated the breadth of demand among investors as £28.33m was raised from the sale of 34 lots reflecting a sale rate of 86%.
Acuitus auctioneer, Richard Auterac, commented: “This was a strong performance with a quarter of the lots sold achieving more than £1m, and 14 of the sales reflecting yields of less than 7%.
“It’s still a tough and precise market but there is increased alignment between the expectations of buyers and sellers. You have to work very closely with the potential buyers before the auction and have a large ‘black book’ of names built up over time. Simply sticking a property in a catalogue and hoping for the best doesn’t work.
“What is encouraging – especially from the perspective of the banks looking to reduce and realign their loan books – is that property companies and private buyers are actively seeking buying opportunities right across all property sectors and from a few hundred thousand pounds to several million.”
May auction highlights:
Our next auction will take place on July 7th at The Millennium Hotel, Grosvenor Square, London, W1.
