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Eddisons Auction Proceeds Top £11.2m

Written by: Richard Roe on Wednesday 26/02/2014

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Eddisons generated proceeds of over £11.2 million (£11,245,800) at its first three day sale of the year.

The firm reported that 108 (81.2%) of the 133 lots offered in Leeds, Manchester and London sold, with strong demand for all types of stock.

Tony Webber of Eddisons said: ‘This was an excellent start to our 2014 auction campaign and continues the trend we saw towards the end of last year.

‘Demand was high for lots in all categories which meant that the bidding was competitive. This helped drive prices up and reflected the positive market sentiment.’

Highlights included a vacant former office building in the Northern Quarter of Manchester city centre.

The four storey property on Turner Street had been offered at a guide price of £175,000 plus and was finally sold for £605,000, following a bidding war.

Elsewhere a two bedroom flat in Islington, North London, sold for £445,000 off a guide of £400,000 plus.

In the Norfolk town of Fakenham a property let to national charity Sue Ryder at £15,000 per annum, rising to £30,000 later this year, sold for £302,000 off a guide of £150,000 to £175,000.

Lots offered for National Grid at various locations across the UK were also sold. This included a freehold development site in Carlisle with lapsed residential planning consent, which achieved £236,000 off a guide of £150,000 to £200,000.

In Bradford, a retail investment which is let to Martin McColl Ltd at an annual rent of £21,000 sold for £311,000, a gross yield of 6.75%. The guide price was £280,000 to £300,000.

Meanwhile a former bowling alley in Hull, which has a restrictive covenant prohibiting it from being used in future for the same purpose, sold for £155,000, more than three times the guide of £50,000 plus.

A residential development opportunity in Harrogate with planning permission for nine flats was one of a number of lots which sold prior to the sale, for an undisclosed sum.

By Carl Gledhill

Written by: Richard Roe on Wednesday 26/02/2014

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About the author

Richard joined Eddisons in 2003 and has been the Managing Partner since 2012, a role that sees him lead the strategic direction and development of the business under the ownership of Begbies Traynor Group plc. Richard has been instrumental in the growth of the business which has seen turnover more than double since 2008.

In addition to his role as Managing Partner, Richard continues to play a vital role with key clients, particularly in the banking sector, where he is a trusted adviser to major high street clearing banks. Over the last eight years, Richard has been appointed LPA Receiver on many high profile properties and assists in the recovery of distressed loan portfolios.

Prior to joining Eddisons, Richard worked in the real estate division of a 'Big Four' firm where his notable assignments included the privatisation of Saudi Telecom for flotation on the New York Stock Exchange.

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