Retail appeal pulls in £14m at Clive Emson
Strong commercial yields were achieved on a clutch of secondary properties at Clive Emson’s Kent and South East auctions, as investors chased retail outlets.
The three sales, in Kent, Sussex and Hampshire on 21, 22 and 23 September, respectively, raised £14m, as 76% of 134 lots were sold, including 10 prior.
Key sales included a mixed-use investment in Windmill Street, Gravesend. It is leased to the British Red Cross, has residential upper parts and produces £17,040 pa. Guided at £220,000-£230,000, it achieved £302,000 and an initial yield of 5.6%.
Strong commercial yields were achieved on a clutch of secondary properties at Clive Emson’s Kent and South East auctions, as investors chased retail outlets.The three sales, in Kent, Sussex and Hampshire on 21, 22 and 23 September, respectively, raised £14m, as 76% of 134 lots were sold, including 10 prior.Key sales included a mixed-use investment in Windmill Street, Gravesend. It is leased to the British Red Cross, has residential upper parts and produces £17,040 pa. Guided at £220,000-£230,000, it achieved £302,000 and an initial yield of 5.6%.A second commercial property in the Enbrook Valley shopping complex in Folkestone, Kent, let to a local trader for £13,200 pa, made an initial yield of 6.7% after selling for £195,000 from a guide of £100,000-£110,000.Residential lots included a detached cottage in Whitstable, Kent, with a guide of £90,000-£100,000, which made £202,000. A three-bedroom period house and barn with outbuildings in Cranbrook, Kent, raised £530,000 from its £220,000-£250,000 guide.Auctioneer Kevin Gilbert said: “Small commercial units are getting good results at local auctions. There is plenty of cash about but people want to see value for their money.”
