Historic Glasgow office among highlights of March Acuitus sale

A Grade B listed city centre Glasgow office building is up for auction with a £3m guide price at the next Acuitus sale, on 27 March. A major fund is selling the office investment at 220 St Vincent Street. The 27,054 sq ft, six floor property is let to HKA Global, Hiscox, and Orega – a serviced office provider with a 98% occupancy rating. In total, the property produces £466,979 in rental income – a yield of 15.6% on the guide price – and has an EPC A rating. Acuitus investment director and auctioneer David Margolis said: “Correctly priced prime office assets are still very much in demand for investors, especially when considering city centre locations, reliable lists of tenants, and high EPC ratings. “This property, which is being sold on behalf of a major fund, also has active asset management potential.” In Nottingham, a freehold petrol station and convenience store investment is being offered with a guide price of £2.9m, also on behalf of a major fund. The property is situated at 705 Woodborough Road in Mapperley, a suburb of Nottingham. The lease on the property was recently extended to August 2037, with no breaks, and currently produces an annual rent of £213,774. The rent is guaranteed to rise to £241,865 in 2027 and £273,648 in 2032. The catalogue of 34 lots for the live stream sale also includes two prime landmark buildings in Leicester city centre. The freehold of a recently renovated HSBC bank is being offered with a guide price of £2.2m, with a substantial rebased rent of £200,000 pa agreed in 2021. Also in Leicester, the freehold of a San Carlo restaurant in a period building at 38-40 Granby Street is being sold with a guide price of £700,000. It currently produces £58,750 per year. In central Cardiff, the freehold of the Revolution Bar at 9-11 Castle Street is being offered with a guide price of £2m-£2.1m. The property comprises a bar and restaurant, with four newly refurbished office suites on the upper floors. In total, the asset produces £287,000 in annual rental income with further active asset management potential. Acuitus chairman and auctioneer Richard Auterac said: “This catalogue offers investors a wide range of commercial property assets from industrial sites and prime offices to retail parades and the leisure sector. “This is a reflection of the wider market which is starting to pick up pace as the economic setting begins to move in a more positive direction.” Photo © Acuitus