A substantial prime retail parade in Newcastle’s city centre with a guide price of £5.5m is among the 40 lots being offered by the Acuitus commercial property auction on November 3rd.
The Grade II-listed retail parade at 139-153 Grainger Street, next to Eldon Square shopping centre and the landmark of Grey’s Monument. It currently produces annual rental income of £560,225 which will rise to £600,225 upon completion of a newly agreed lease for one of its six units. Tenants in the 22,344-sq ft property include Urban Outfitters, Yo Sushi and Dr Martens.
Charlie Powter of Acuitus comments: “Given this prime location in the pedestrianised heart of Newcastle’s shopping district and the quality of brands operating from the property, this is a rare opportunity to acquire an institutional-grade investment.”
The auction features seven lots with guide prices of more than £1m. A 19,638-sq ft industrial unit on the Langage Industrial Estate in Plymouth that is let to the Secretary of State for Housing, Communities and Local Government (used by Land Registry) until November 2024 is offered with a guide price of £1.75m. The tenant has occupied for 30 years and the asset currently produces annual rent of £142,500.
A freehold retail and office investment is available in Datchet Berkshire with a guide of £1.2m-£1.25m. The asset generates annual income of £96,188 pa and the offices and car park have residential redevelopment potential.
Elsewhere in the sale, a substantial high street retail asset at 73-74A Broad Street in Reading is being sold with a guide price of £1.7m. The property comprises two retail units which produce combined rental income of £141,000 with the majority of the income secured on KFC on a lease until 2037. It also offers potential residential conversion of the vacant second floor.
Acuitus Chairman, Richard Auterac, comments: “These two Berkshire assets are good examples of the type of asset that many investors are looking for: good existing income with asset management potential located in a growth area of the UK.
“And whilst many buyers are seeking larger lots of more than £1m, the catalogue also offers a range of price points and assets across all the main commercial property sectors which appeal to investors and property companies looking to build their portfolios.”
The Acuitus auction will take place on November 3rd at 1pm and will be broadcast via livestream on the Acuitus website with bidding online, by telephone and by proxy.
