Largest Ever Commercial Auction Lot Raises $20M

LONDON-Jones Lang LaSalle’s sixth and final auction of 2003 saw a new landmark for the UK auction market this week. The UK’s biggest-ever commercial lot was sold for £11.46 million ($20 million) on behalf of Network Rail.

The property comprised two adjacent retail units, totalling 19,555 sf, at Victoria Station in Central London. The space is let to Sainsbury’s Supermarkets until 2023 and Next until 2016 with a rent review on the Next unit in 2006. The current rent is £745,000 ($1.3 million) per annum, showing a yield of 6.15%.

Richard Auterac, Head of Auctions at Jones Lang LaSalle said: “Today’s sale is a natural continuation of what has been happening over the past four to five years, in that lot sizes have been increasing and for the well let investments lot size is no longer the drawback that it once was.”