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Our last sale on 17th May has realised sales of just over £57.5 million
with a success rate of 89% and demonstrated the continued and strong
demand for quality investments across the country, despite the recent
rise in interest rates.
All 35 bank sale and leaseback investments being offered on behalf of
Barclays Bank plc, Bradford & Bingley plc and HSBC Bank plc sold, with
the sharpest yields being achieved for the Bradford & Bingley investment
in Station Road, Harrow which sold for £1,195,000, a net initial yield
of 3.5% and a similar investment in High Road, Wembley which sold for
£1,125,000, a net initial yield of 3.9%
But it wasn't just banks that sold well, as there were another 46
properties, all of which exceeded expectations.
A restaurant and office investment in London's Covent Garden sold for
£1,600,000, a net yield of 3.5%, a long dated leasehold ground rent
investment in Oxford Street, London W1 sold for £500,00, a net yield of
3.4% and a Somerfield Supermarket investment in Tetbury, let for a
further 63 years, sold for £625,000, a net yield of 4%.
Despite previous comments being made in the national press that the
commercial auction market was seeing a downturn, there were no such
signs at our sale or indeed in any subsequent auctions.
The strength of interest has remained, with renewed confidence being
shown with quality investments being sold across all sectors,
highlighting the general lack of availability elsewhere.
We are therefore delighted to be able to offer a further selection of
quality investments including a further 12 bank sale and leaseback
investments being offered on behalf of HSBC Bank plc and Barclays Bank
plc. There are also a further 11 bank investments on offer let to TSB,
Barclays, HSBC, Bristol & West and Halifax. Also expected to attract
strong interest are a portfolio of four prime investments in King
Street, Covent Garden, a prime investment in High Street, Marlborough,
let to Gregg’s and Crew Clothing and two freehold investments in
Preston, in Fishergate and Friargate.
There are also a further 51 quality retail, office, industrial and
leisure investment and vacant possession opportunities located across
the country, being offered on behalf of our pension fund, trustee,
property company and private clients, so hopefully there should be
something here for everyone.
As always we are here to help and if I, or indeed any of my colleagues
in the auction team, can assist in any way, then please do not hesitate
to contact us and we will do all we can to help.
We look forward to seeing you on Thursday 5th July at our usual venue,
195 Piccadilly, BAFTA, London W1, starting at 12.45pm, with refreshments
being served beforehand at 12 noon.
JOHN TOWNSEND BSc FRICS
Partner & Auctioneer
Cushman & Wakefield, Healy & Baker
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Welcome,