The first Acuitus commercial property auction of 2023 includes a newly developed and fully let High Street retail and residential investment in Dunstable which is being offered with a guide price of £4m-£4.25m.
The new development of a former Woolworths store comprises two shops totalling 1,453 sq ft, plus 26 residential units, produces a combined annual rental income of £311,240.
Acuitus Investment Director, John Mehtab, comments: “We’re seeing a growing number of repurposing projects on High Streets and this is a good example of where the emphasis of use has shifted from retail to residential. A sale at the projected guide price would produce a yield of around 8% and we expect this asset to be popular with investors looking for this balance of use”.
The auction will be held on February 16th and features a range of assets including a City of London retail and office ground rent above Barbican Station at 135-137 Aldersgate Street. The long leasehold interest in the 17,473 sq ft property runs until 2139 with annual reviews and currently produces income of £71,144. This rare City of London asset is being offered with a guide price of £850,000.
Charlie Powter of Acuitus comments: “The security of income that ground rent investments provide is very attractive to investors who want to build portfolios which generate predictable and progressive returns”.
Other featured lots include a 2.1-acre development opportunity in Central Manchester close to Salford Quays, and Manchester United’s Old Trafford ground. The Printhouse site at 418 Chester Road is being offered on behalf of liquidators with a guide price of £1.5m and previously had planning permission for a high-density residential development.
Elsewhere in the sale, a prominent roadside trade-counter investment in Southend-on-Sea is for sale with a guide price of £1.4m+. The property has two occupiers paying a combined annual rent of £100,250, and the site has long-term development potential.
Acuitus Chairman, Richard Auterac, continues: “Investors are entering the new year with some more clarity about the market. While valuers get to grips with the changed economic conditions following last year’s volatility, auctions remain a dynamic guide to asset pricing, and are invaluable to investors who are looking to implement their strategies”.
The auction will take place on Thursday February 16th at 2pm and will be broadcast via livestream on the Acuitus website with bidding online, by telephone and by proxy.
