Acuitus’s March auction vividly illustrated the new buying power in the auction room: the sale raised £51m with lots selling at an average price of £1.3m with one achieving £9.55m in the room.

The ground rent investment interest in the Debenhams department store in Station Road, Harrow was the object of sustained bidding before the hammer came down at £9.55m – reflecting a net initial yield of 4.08%. The property is let to Nominees of the M&G Property Portfolio until 2074 at a current rent of £412,500pax.

“The scale of the price achieved meant it was a special moment at the auction,” comments auctioneer, Richard Auterac, “but it was in line with the tremendous appetite that buyers showed throughout the sale”.

“While special opportunities like the Debenhams Harrow lot and prime retail assets in London performed very well in the sale, it was also encouraging to note the sustained buying for all property sectors throughout the UK.

“At last the auction room is beginning to get the flow and quality of stock that investors are demanding. There is exceptional buying power in the market including substantial inflows from overseas and sellers would do well to capitalise on it.”

In what was their biggest auction to date, the sale showed a strong success rate of 84%.