Concerted buying at Acuitus’s first auction of the year has illustrated the opportunities that the sector now offers sellers of all types of commercial property throughout the UK. The auction raised £25.3m which was 40% up on the corresponding sale last February. The buying power was evident with 10 of the 34 lots sold achieving prices of more than £1m. Acuitus auctioneer, Richard Auterac, comments: “The buyer base in the auction room is expanding rapidly with national and international buyers who are new to the market acquiring 80% of the lots. This is providing sellers with a major fresh source of investor demand and a very positive market into which they can sell properties”. Throughout the February auction there was evidence of sharpening yields. A 4,488 sq ft property at 9 Corn Square in Leominster that is let to Lloyds Bank at a current rent of £24,000 and on a lease expiring in 2023 sold for £485,000 at an initial yield of 4.7%. A freehold tyre depot in Darlington sold for £970,000 at an initial yield of 5.9%. Let to Kwik-Fit until 2032, it produces a current annual rent of £61,261. Buyers are not just targeting single let investments. The price of £1.85m was achieved for the long leasehold interest in the 71,923 sq ft Cobalt Square office tower in Birmingham (pictured). The multi-let building currently produces annual income of £248,836 and provides substantial opportunities for re-letting. Richard Auterac comments: "We have seen for some time the commercial property auction room populated with investors seeking secure, long-term investments but that group of buyers is now being joined by a growing number who are taking a more confident, entrepreneurial approach and looking for value-creation opportunities. “The net result of this situation for sellers is that there is a wide range of demand for all types of properties. I would urge all owners to explore how they might take advantage of this trend and talk to us about our next auction on March 26th.”