Acuitus Auction

Acuitus Auctions
  • Average Customer Reviews

    Acuitus Auction Reviews

    Based on 18 Reviews

  • Number of Properties Offered

    316

    12 Month's Data

  • Number of Properties Sold

    137

    12 Month's Data

  • Average Percentage of Lots Sold

    44%

    12 Month's Data

  • Average Price "Sold at Auction"

    £227,461

    12 Month's Data

  • Auction Seller
    Fees

    2.5% + VAT

    Above Average

Contents

About Acuitus Auction

Acuitus Auctions is a reputable property auctioneer established in 2010, typically running 7 live events per year. As with many auctioneers,  it has a multi-channel approach and offer bidders the opportunity to bid in-room, online, live stream, by phone or proxy.

The auction house has sold 137 properties in the past 12 months, raising £68.6 million in sales.

Where and What Type of Properties Do Acuitus Auctions Sell?

Acuitus Auctions operates across England and Wales and uniquely operates in the sale of commercial properties only (which can be found on their website).

Acuitus Auctions Operate in England & Wales

Acuitus Auctions Operates Across England & Wales

Acuitus Auction Service Predominantly Sells Commercial Property

The Auctioneer Predominantly Sells Commercial Auctions Operations.
Acuitus Auction Sells Across England & Wales and Predominantly Sells Commercial Property.

Prices of Auction Properties Sold Through Acuitus Auctions

Acuitus Auctions sells properties that range from £10,000 for a freehold ground rent investment in Doncaster, South Yorkshire, to £2.53 million for an industrial estate in Leamington Spa, Warwickshire (generating rent of £181,003 per annum).

The average sold price of Acuitus’ commercial auction properties is £227,461

Alongside Allsop Commercial, Acuitus is generally known as one of the “go to” auctioneers for commercial property owners. However, there are several other auctioneers across the UK that operate in the commercial space, albeit to a lesser degree.

Property Auction Tip

Due to their often nuanced nature, commercial properties generally require auctioneers to have specialist knowledge and experience.  Acuitus, for example, has qualified Royal Institute of Chartered Surveyors (RICS) valuers as part of the team.

Below is a table of the spread of Acuitus’ sold auction commercial property prices:

Acuitus Auction Sale Price Range Share of Total Auction Sales
Under £100,000 46.89%
£100,000 – £300,000 29.46%
£300,000 – £500,000 14.03%
£500,000 – £1 million 6.01%
£1 million – £1.3 million 1.00%
£1.3 million – £1.5 million 0.80%
£1.5 million and over 1.60%

Allsop Residential Auctions – Key Facts

Acuitus Auctions – Key Facts

How Successful are Acuitus Auctions at Selling Properties?

Acuitus Aucitions has sold 137 of the 316 – or 44% – of the commercial property lots listed in the past 12 months.

This puts them in position number 48 out of the top 50 auction houses in the UK.  However, due to the high capital values of sales, they are number 14 in terms of the amount of money raised in property sales at auction.  It’s also worth noting that Acuitus sell a number of properties off market and privately (pre and post auction)

Property Auction Tip

Having a higher percentage of lots sold is usually a sign that the auctioneer has the relevant expertise in pricing auction properties realistically. It also means that the auction house has well-run operational practices – particularly legal and financing – to be able to progress sales efficiently within the required timeframes.

Acuitus Auctions Share

Property Auctions News tracks sales data and base market share on the number of properties sold relative to other UK auctioneers.

With 137 sales in the last 12 months, Acuitus Auctions currently has a 0.49% share of the total property auctions market in terms of stock sold.  In terms of the total value of sales, the auctioneer has a 1.21% share.

Property Auction Tip

It’s also worth talking to smaller and often more “nimble” auctioneers who often benefit from offering a personalised service.

Acuitus Auctions Customer Reviews

Acuitus’s auction service is reviewed across the Trustburn and Google Reviews platforms and has an average review score of 3.53 (out of 5).

Acuitus Auction Gets an Average 3.4 Star Rating on Trustburn

Trustburn Acuitus Auction Reviews currently show an average 4.3 rating (with a number of 4 and 5 ratings). One reviewer praised “the team’s knowledge and expertise.” Another reviewer says that Acuitus Auctions are “highly professional, responsive, and always provide exceptional service.”

Savills Auction on Google Reviews Acuitus Auctions Gets an Average 5 Star Rating on Google My Business Reviews

Google My Business Acuitus Auctions Reviews currently shows a 5 rating with clients pleased about their experience with the agent. There are 5-star reviews by both sellers and buyers, with one stating they are “a very honest company”.  There is no negative feedback (although there are only 5 reviews in total).

Reviews of auctioneers must be viewed with caution as these are personal experiences and can be influenced by unrealistic (and often corporate-led) expectations. It’s always verifying the accuracy of the review and researching the track record of the auctioneers.

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Property Auction Fees

Acuitus Auction Fees

Acuitus Auctions charges the following to market and sell a commercial property:

Acuitus Auction Seller Commission

Acuitus Auctions will charge a fee of 2.5% + VAT of the auction sale price directly by the seller, usually upon successful completion. Note that there is a minimum fee which depends on the set guide price of the property.

Acuitus Auction Seller Entry Fee

There will be an additional entry fee to add the property at auction charged to the seller. This fee varies for each property in the auction, depending on the marketing level. The cost will cover professional photography, online advertising in the major property press alongside Linkedin marketing, Google, Costar, Rightmove Acuitus’ own website hosting. There are additional charges for drone photography and for sale boards.

Acuitus may also recommend obtaining a professional survey / valuation – conducted by a qualified professional from the Royal Institute of Chartered Surveyors (RICS).  This can often facilitate an easier transaction process and will typically be paid for by the seller.

Commercial Auction Buyer Premium or Reservation Fee

The buyer will also pay 10% at the fall of the hammer (where contracts are effectively exchanged). Note that this can vary in line with the value of the property.

Acuitus Auction Buyer Fee

The auction winner must pay £1,500 + VAT as a buyer’s administration charge. This is usually paid by the buyer at the fall of the auction hammer and covers the necessary paperwork that will need to be completed for the sale.

Commercial Auction Legal Pack

There are legal fees that both the buyer and seller must pay, which are independent of the auction house. In some cases, the buyer is required to pay towards the seller’s legal fees, but this depends on the individual property.

It’s generally always recommended for the seller’s solicitor (conveyancer) to prepare a commercial auction legal pack. This is because the buyer will effectively be committing to purchase the property at the fall of the hammer and would therefore need as much background information as possible.

Due to the higher capital investment requirements, commercial property legal packs tend to be more comprehensive and would usually contain:

  • Standard Commercial Property Conditions (SCPCs) – developed by the Law Society – are a standardised framework for commercial property transactions and often deemed crucial to understanding the key facts. The SCPCs cover key aspects such as definitions, notices, assignment, sub-sales and third-party rights, but they can be amended with Special Conditions to fit specific transactions. The latest 3rd Edition (2018) includes updates on capital allowances and VAT
  • Commercial property leases, rental receivables, proof of income stream stability and other associated documentation
  • Information on termination dates, break clauses, rent reviews, transfer or charging restrictions, service charges, ground rents, business rates schedules, commercial premises licences
  • No evidence of criminal activity on the commercial premises, insurance provisions, forfeiture (termination) rights
  • Evidence of resolved dispute resolution issues
  • Proof of good covenant strength. This includes financial status (solvency) and creditworthiness of occupational tenants (through independently audited corporate accounts / financial assessments / payment records / net cash flow breakdowns)
  • Guarantor information including Authorised Guaranteed Agreements (AGAs) and any confirmation of sureties
  • Proof of compliance with covenants / consents / permits / easements / rights of way (usually through legal documentation provided by a qualified solicitor)
  • Title checks (ownership, boundaries, 1st/2nd/3rd charges, encumbrances)
  • Commercial mortgage / finance agreements (including loan to value ratios)
  • Confirmation of no defects on title
  • Confirmation of type of lease contract in place – such as full repairing and insuring (FRI)
  • Maintenance / defect resolution costs and any major works undertaken;
  • Current ownership structure (personal, company or trust)
  • Profit and loss of any existing companies or special purpose vehicles (via balance sheet provision)
  • Commercial property valuation reports / surveys (conducted in the last 12 months)
  • Any evidence of comparable commercial rents at other similar properties in the local area
  • Demand for the specific type of commercial property. For example, retail property is currently decreasing in popularity compared to industrial properties and warehouse space. At the same time, many buyers are exploring opportunities to convert commercial properties into residential under Permitted Development Rights (PDRs)
  • Vacancy rates for the last 5 to 10 years
  • Any evidence of local cap rates / local commercial real estate valuations
  • Local planning and redevelopment proposals – particularly transport, schools, hospitals and other key infrastructure developments
  • Conveyancing enquiry responses from any recent transactions
  • Condition of the property (the auctioneer will take photos and floorplans but most buyers will want a closer look)
  • Planning and building regulation documentation (including any lapsed permissions / change of use applications)
  • Evidence of enforcement notices / actions
  • Extra details if the property forms part of any unresolved insolvency / legal restructuring proceedings
  • Transfers of ongoing concerns (including any employment / employees / tax / pension obligations)
  • Surveys (building, structural, site, mechanical, electrical, measurement, environmental, ground, rights of light)
  • Insurance policies in place (+ payment confirmations / any claims made in recent years)
  • Current or pending legislation that could affect the property (including the Land and Tenant Act, Law of Property Act, Climate Change Act, Energy Act)
  • Current or pending regulation that could affect the property (health & safety, fire / asbestos risk)
  • HMRC liabilities – particularly related to VAT and Capital Gains Tax (CGT)
  • Whether the sale will be a transfer of ongoing concern and potential capital allowances.

Commercial Auction Conveyancing Fees

Given the extra complications involved in commercial auction transactions, conveyancing fees tend to be on the higher side. In addition to shopping around, it’s worth speaking to Acuitus to see if they have any recommendations if you do not have any contacts of your own.

As a seller, you may choose to pass these on to the buyer which will be written into the Special Conditions of the auction contract. Bear in mind, depending on how “in demand” the property is, this may result in bidders offering lower to factor in the costs.

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Frequently Asked Questions (Property Auctions)

Frequently Asked Questions About
Acuitus Commercial Auctions

How often are Acuitus Auctions events run?

Acuitus runs its commercial auctions 7 times a year.  The number of auctions tends to increase when there is surplus stock that needs to be sold.

What type of auction is it?

As one of the well-established operators, Acuitus operates traditional or unconditional auctions.

This means that there is a marketing and viewing period prior to the auction and when the online gavel falls, contracts are immediately exchanged. At this point, the buyer will typically pay 10% of the auction property’s sales price alongside a buyer’s premium.

The buyer then has 28 days to complete on the sale or else face financial penalties (stipulated in the auction terms + conditions).

Does Acuitus Auctions offer modern method auctions?

No, Acuitus Auctions specialises in traditional 28-day unconditional sales. At the seller’s request, the period between the fall of the hammer (exchange of contracts) and completion can be extended to 42 days (6 weeks) or potentially longer.

How long are Acuitus Auctions’ bidding windows?

Depending on the level of interest for a given property, Acuitus Auctions will open up the bidding on a set day or time period. These days, most of their auctions are live-streamed and bidders can also participate online, live stream, by phone or proxy.

How does Acuitus Commercial Auctions market the property?

Acuitus Commercial Auctions market properties using a mix of strategies and processes to encourage strong bidding activity on auction day.

Property Auction Tip

Regardless of whether you’re buying or selling at auction, remember to take the time to understand how everything works from start to finish to avoid any misunderstandings.

Upon signing up, the auctioneer works with the seller to organise high-quality photos, floorplans, an energy performance certificate (where necessary). Acuitus will then prepare the listing in line with the relevant guidance – this will include the terms + conditions (typically in line with RICS Common Auction Conditions) and detailed information regarding the property and the auctioneer’s full contact details.

In addition to Acuitus’ own website, the listing will be fed through to the commercial property portals such as Estate Gazette’s Property Link. Given the auctioneer’s experience, they can make use of a “black book” of investors (and their specific criteria) as well as use social media and email campaigns to reach potential buyers.

They use traditional and “offline” methods for the auction which may include auction sale boards, brochures and local marketing through their commercial estate agents partners.

Do Acuitus Commercial Auctions hold viewings of their properties?

Acuitus Commercial Auction hold open days and individual viewings with registered buyers, starting 4-5 weeks before the auction day.

How is the property valued by Acuitus Commercial Auctions?

Prior to agreeing to list a property, a member of the Acuitus Commercial Auctions team will carry out a commercial valuation of the property. This will typically involve consulting their in-house team of RICS-qualified experts, although independent advice may be sought for more intricate transactions.

Will the buyer’s fee impact my tax liability?

Yes, the premium will be added to your gross stamp duty calculation as it’s deemed as being incorporated into the total cost of the property.

What happens if the property doesn’t sell with Acuitus Commercial Auctions?

If the property fails to sell at auction, Acuitus Commercial Auctions could extend the contract/enter the lot at the next auction for no cost/an additional cost.

If the property is still unsold after the next auction, it’s well worth taking a step back to restrategise your approach to selling.

Property Auction Tip

Sellers should always review feedback to find out why it didn’t sell at auction. In most cases, it comes down to an overly high reserve price, resulting in insufficient interest.

Acuitus Commercial Upcoming Auctions

Lists of upcoming auction events from the auction house: