And sold... Howard Kennedy advise Acuitus property auctioneers on £70m autumn sale
Law firm Howard Kennedy has supported leading commercial property auctioneers Acuitus on its largest ever auction.
The Acuitus autumn sale, held on 13 October, saw 120 lots sold achieving a total sale price of £70.61m. Acuitus has sold more than £310m of commercial property in 2016, with one final sale left on its calendar.
The highest valued lot sold at the auction was Neville House, a 28,126 sq ft city centre office building on Birmingham, sold for £3,375,000 and currently let to Eversheds, Mills & Reeve, Caffè Nero and Michelin-starred Adams restaurant. The sale saw 16 lots exceed the £1m mark.
The sale attracted a large number of investors buying at auction for the first time, attracted by the investment yields on offer and strong demand for development as well as active asset management opportunities.
Prime retail and leisure investments remain particularly popular with investors. A 2,940 sq ft shop and restaurant property on Slough High Street which currently produces income of £50,000 sold for £980,000 at a yield of 4.8%, while the Edward Rayne public house in West Wimbledon sold for £1.42m at a yield of 5.1%.
Richard Auterac, Chairman at Acuitus said:
It is clear from this and earlier sales this year that there is a new generation of investors in the auction room, and we are committed to providing them with the depth and detail of information needed to make buying at auction easy, informed and as transparent as possible.
The size and scope of the October catalogue reflects the growing number of sellers who are bringing their assets to market to lock into the new levels of investor demand.
Howard Kennedy Partner and Head of Real Estate Paul Springall supported Acuitus and was on hand throughout the auction to answer investors’ questions and to resolve any problems that arose throughout the sale.
We have worked with Acuitus for many years and been involved in a large number of its auctions. Investors, particularly those new to buying at auction, find the support we bring invaluable, which contributes to a speedy sale process. Our long-term involvement with Acuitus and presence in the saleroom also provides us with a valuable insight into the market, who buys what and the yields.
The final Acuitus action of 2016 will take place on 8 December 2016 at the Radisson Blu Portman Hotel. Visit www.acuitus.co.uk.
Howard Kennedy has 53 partners and numbers 350 people in total and works alongside national and international clients across many disciplines, including banking, corporate and commercial, family, finance, employment, dispute resolution, intellectual property, private client, real estate and tax. Howard Kennedy has particular focus on the Financial Services, Media and Technology, Real Estate, Retail and Leisure, Sports Individuals sectors, and, through HK One, the firm’s legal concierge service for high net worth individuals with complex legal needs.
Matt Baldwin, Coast
Tel: 01233 503200 / 07930 439739
Daryl Atkinson, Business Development & Marketing Director