Auction Generates Over £7.8m

Thursday, February 28, 2013

Auctions

Eddisons generated proceeds of over £7.8m (£7,884,250) at its first property auction of the year.

The firm reported that 97 (79%) of the 123 lots offered at the two day sale in Leeds and Manchester were sold.

Tony Webber of Eddisons said: ‘This was an excellent performance to start our auction year and continued the positive trend we saw at the end of 2012.

‘The sale rooms were packed and investors showed a real appetite for all types of stock, with many lots attracting multiple bids, which helped drive prices up.’                                                                                                  

The best performing lot was a residential development site in Bingley, near Bradford. The 1.58 acre plot, offered with planning permission for five town houses, with potential for a further six detached properties, sold for £448,000. The guide price was £350,000 plus. 

Elsewhere, the Acorn Business Centre in Bury exceeded its guide price by £153,000.

The property which currently generates £15,799 per annum sold for £328,000, off a guide of £175,000 plus.

Meanwhile, a portfolio of seven, part tenanted one and two bedroom apartments for the over 55’s in Thornton Cleveleys near Blackpool, producing annual income of £33,300, sold for £311,000. The guide price was £300,000 plus.                                                                                      

In Headingley, on the outskirts of Leeds, a former Council office guided at £120,000 plus, sold for £302,000.  And in nearby Scarcroft, a residential building plot on Ling Lane achieved £215,000.

In Llandinam, Powys a mansion house in need of full refurbishment sold for £250,000. Berthddu Hall is set in grounds of over 11.5 acres and had been offered for sale on behalf of the joint LPA receivers.

A coach house, stables and farm buildings on land adjacent to Berthddu Hall sold for £157,000. 

Residential highlights included a vacant three bedroom detached former lock keepers house close to Leeds city centre, which sold for £117,000.

There was also strong demand for stock in the North East, which had attracted plenty of buyers from the area.  

Eddisons next auctions take place in London on March 7th, Manchester on April 9th, Leeds on April 11th and Dublin on 24 April each starting at 12.30pm.

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