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73% Sale Rate for Jones Lang LaSalle’s 2nd commercial property auction of the year
- A Kwik Fit in Sevenoaks sold for £667,500 reflecting a yield of 4.68%.- An industrial unit in Droitwich, which is let to Securicor until 2073, sold for £690,000 against a £550,000 guide price reflecting a 5.21% yield.- A shop on High Street in Guildford occupied by Nokia achieved the lowest retail yield of 4.85% when it sold for £1.365m.- 18 Union Street in Bath, which is currently let to retailer Tie Rack obtained a 5.49% yield selling for £1.31 million.- The Cheltenham & Gloucester in Newport on the Isle of Wight, which also included an office above the premises, sold for just over £1 million reflecting a 6.25% yield.- The Bunzl unit on Isis Industrial Estate in Manchester sold for £3.1million.
Peter Cunliffe, Director and Auctioneer at Jones Lang LaSalle, concluded: “Some of the most experienced and savvy private investors were back buying in the auction room yesterday, demonstrating the clear positive shift in attitudes towards commercial property investment. This is reflected by the amount we raised and the prime yields achieved. More than ever, the length of a lease, covenant strength and rental growth are crucial to secure competition for assets and have pushed prices off their bottom. In some cases the price reduction over the last 18 months has been made up. While the debt market remains frozen, cash investors are starting to find some of the best bargains in the auction marketplace for a decade for the more secondary assets.”
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