The freehold of a Harrow department store sold for nearly £10million - the most expensive lot to sell under the hammer at a commercial property auction since 2009.
Debenhams in Station Road, Harrow, not including its adjacent car park, was auctioned by Acuitus on Friday at a Mayfair hotel for £9.55million against a guide price of £5.25million.
The property was “the object of sustained bidding” before the hammer came down on the top bid from an undisclosed buyer which meant “it was the largest lot to sell under the hammer at a commercial property auction for more than five years”, the real estate auctioneers said.
Auctioneer Richard Auterac said afterwards: “The scale of the price achieved meant it was a special moment at the auction but it was in line with the tremendous appetite that buyers showed throughout the sale.”
The store is let to the Nominees of the M&G Property Portfolio (formerly the Prudential) until 2074 and is sublet to Debenhams.
Acuitus managed to sell a second lot, 314 Station Road, Harrow, comprising Burton and Dorothy Perkins shops with the vacant Time nightclub above, for £1.78million to an undisclosed purchaser.
This property, which had a guide price of £1.3million, benefits from planning permission to convert the former nightclub into eight flats.
