A rare freehold office investment in London’s Covent Garden, is being offered at the Acuitus commercial property auction on February 13th.
The Endell Street property currently generates £270,000 pa and is being offered with a guide price of £5m-£5.25m. Totalling 16,025 sq ft, the five-storey building is let to an international interior design and architects practice on an unbroken lease until July 2081, with five-yearly rent reviews, geared to 60% of open market rental value.
Charlie Powter of Acuitus comments: “This is truly a once in a lifetime opportunity to acquire an exciting and well-let central London asset in one of the capital’s most desirable locations. Such assets rarely come up for sale so the auction market will ensure a level playing field for all potential buyers.”
The February auction also features a number of freehold assets in Nottingham which are being offered on behalf of Nottingham City Council. They include:
John Mehtab of Acuitus comments: “By working closely with Nottingham City Council, we have been able to bring forward a range of commercial property assets which will tap into a wide range of current investor demand.”
Other highlighted lots include the freehold of a motor-trade roadside investment, let to Halfords, in Staines-upon-Thames, with a guide price of £750,000; a mixed-use fully let retail and residential investment in Wokingham town-centre which is offered with a guide price of £1.2m; and a recently renovated storage and distribution centre near London’s Brent Cross which is guided at £1.45m.
David Margolis of Acuitus comments: “Secure income assets and properties which have recently been let at today’s rental levels remain extremely popular. On the flip side, development opportunities that have definitive asset management possibilities also remain keenly sought after.”
Three lots are also being offered on behalf of Network Rail in Catford and Nunhead in London, and Herne Bay, Kent, with guide prices ranging from £200,000-£225,000 with all having development potential.
Richard Auterac, Chairman of Acuitus comments: “The economic backdrop has played a crucial role in shaping the commercial property market and following the “Reeves Budget,” the UK economy has faced headwinds. However, there are reasons for cautious optimism. Investors expect the cost of finance to fall this year and consequently they remain hopeful of an early cyclical uptick. There are plenty of funds available to be deployed for correctly priced assets”.
The Acuitus auction will take place on February 13th at 1pm and will be broadcast via livestream on the Acuitus website with bidding online, by telephone and by proxy.
