£70m of commercial property sold at auction

Acuitus has held its largest ever commercial property auction which saw the sale of £70.6m of assets.

The commercial property auctioneer has raised over £310m from five sales during 2016 as investors look into the income returns and development opportunities in the sector.

Acuitus’ October auction saw the sale of Grosvenor House in Norwich with planning consent for conversion into 84 flats for £3.2m, while a multi-let office building in Birmingham was sold for £3.4m. 

Richard Auterac, auctioneer at Acuitus, said investors were interested in properties that offered ‘bond-like’ income streams, most notably the ground-rent investments with yields of between 2 to 4%.

"It's clear from our sales this year that there is a new generation of investors in the auction room and we are committed to providing them with a depth and detail of information which makes buying at auction as easy and  transparent a process as possible.

"We are finding that the new entrants to the sector are being drawn [in] by the quality of our sales and also the analytic research into the market that we make freely available."

Other notable purchases included the sale of a west Wimbledon pub for £1.4m which produced a yield of 5.1%.

A Land Rover showroom in Portsmouth was also sold for £2.4m, while a property in Ayr – which is let to the bakery chain Greggs until 2031 – was sold for £480,000.

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