In their first commercial property auction as Acuitus, the former Jones Lang LaSalle auctions team raised £18m from the sale of 27 lots in front of a well attended room at the Millennium Hotel on the 27th May.

The highlight of the auction was the sale of the Barclays Bank at 18-19 Fleet Street. Guided at £1.4m, the property sold for £2.27m to a Greek investor at a yield of 3.92%.

Central London investments proved popular throughout the sale together with supermarkets and ground rents. A Tesco Express unit in Burnham-on-Crouch, Essex sold for £922,000 at a net initial yield of 4.90%.

Other notable sales included:
Three ground rent investments on the well established Middlefield Industrial Estate, Sandy, Bedfordshire sold for a combined £985,000 at an average yield of 5.01%

Three medical investments in Southend on Sea, Liverpool and Edinburgh with an average of 5 years unexpired on the leases sold for a total of approximately £1.25m at an average yield of 6.56%

Four Barclays Bank units in Bicester, Fleet Street, Acton and Smethwick sold for a total of £4.50m at an average yield of 4.58%

Richard Auterac, Chairman of Acuitus said “The quality of the properties featured in the first sale was reflected in the prices that many achieved. However, the widespread economic uncertainty of the past two weeks both domestic and global has led to the need for a careful approach to pricing. In the current financial climate, buyers are being very discerning but the appetite for London-based investments and well secured income remains strong as demonstrated by the Fleet Street lot.

”Given the international contingent in the crowded room, it is clear that UK auctions are becoming a focus for international investors looking for quality assets.”