Having been put into administration late last year, the site and all remaining assets of Otley Motors have been sold for more than £2million by leading commercial property agent, Eddisons.
The Leeds agency, which acted on behalf of the administrators, Begbies Traynor, experienced an unparalleled amount of interest in the 1.01 acre site on the town’s Pool Road – receiving circa 50 bids prior to selling it to an undisclosed buyer for over £2million.
Simon Croft, head of industrial agency at Eddisons commented, “The size and location of the Otley Motors site meant it was ideal for any number of uses, from another car show room to retail or commercial use, even residential redevelopment. As a result it came as no surprise when we were literally inundated with bids once the property was put up for sale – a scenario that clearly demonstrated the current value of potential development sites in and around Otley.”
In addition, Begbies Traynor called on Eddisons specialist business assets department to sell all of Otley Motors’ plant, machinery and remaining vehicles. The subsequent auction, which was held in Otley late last year comprised 450 lots, including 25 vehicles.
Jason Pinder of Eddisons business assets department said, “While the auction itself was relatively straightforward, in comparison to many of the more technical and specialist machinery we often deal with, the logistics were complicated because of the fact vehicles and machinery had to be transported from the Bingley Motors site to Otley prior to the sale.”
The Otley Motors site is the second major land sale in Otley that Eddisons has presided over in recent months, its auction department hammering down Prince Henry's Grammar School Annexe on Newall Carr Road for £1,655,000 late last summer.