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Station House, West Drayton: sold by Acuitus for over £1 million
Investors demonstrated demand for properties across the UK at the latest Acuitus commercial property auction which raised £16.29 million at a sale rate of 76 per cent.
Acuitus auctioneer Richard Auterac says: "The results from this auction should give sellers - and the banks in particular - increased confidence that there are buyers for the stock they are currently holding. The demand for receivership properties - all of which sold in this auction - remains very high and shows that if properties are brought effectively to auction and fully exposed to buyers, then they will sell."
Buyers were also in the market for more than just the ever-popular retail assets. There was good bidding on the substantial office lots in the sale, with an 18,000sq ft vacant building in West Drayton selling for just over £1 million.
The sale of the Coral bookmakers in London's Portobello Road at a yield of 4.45 per cent - the sharpest yield achieved on the recent Coral disposals - showed the strength of investor demand for prime assets.
"However," adds Mr Auterac, "buyers are also increasingly prepared to take a view and bid on properties that will need asset management to realise their potential. The average lot price achieved at this sale was £860,000."