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143 Lots At Final Property Auction of 2013

Written by: Richard Roe on Monday 11/11/2013

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Eddisons will offer 143 lots at its final three day property auction of the year, taking place in Manchester on December 3, Leeds on December 5 and London on December 10.

Instruction have been received from local authorities, utility companies, Joint LPA Receivers, banks, Administrators, property companies and private investors.

Tony Webber, Director of Auctions at Eddisons said: ‘We have assembled a strong catalogue to finish the year, which presents a variety of buying opportunities for investors, developers and owner occupiers.

‘There has been a notable improvement in market sentiment in the second half of 2013, with our October auction producing some of our strongest results so far this year, with proceeds of over £9 million and a success rate of 84%. We have every reason to believe the December sale will continue this upward trend.’

Highlights of the Manchester sale include the Wilmslow Hotel on Wilmslow Road in the Fallowfield area. The 34 bedroom hotel offers an opportunity to retain the existing business or redevelop for alternative uses, subject to planning. The guide price is £950,000 plus.

Elsewhere, the Surfer’s Paradise Bar on King Street in Wigan is being offered at a guide price of £300,000 plus. Also in Wigan, a part-tenanted mixed use investment producing income of £8,040 per annum, has a guide of £140,000 plus.

Development opportunities include Weston House Nursery in Halewood, Merseyside. The site which extends to 1.28 acres in a semi-rural location has planning consent to convert the existing buildings into six residential properties. It is being offered along with a 16 acre parcel of grazing land at a guide price of £400,000 plus.

Among the lots being offered at the Leeds sale is a former Halifax textile mill with planning consent for 56 residential units, which has a guide price of £200,000. It had previously been marketed at £500,000.

A substantial part-let detached house arranged as 12 self-contained flats in the Holbeck area of Leeds, producing annual income of approximately £30,000, is guided at £180,000 to £200,000.

Residential development land with outline planning for five houses on Whitcliffe Road in Cleckheaton is among a variety of stock being offered on the instructions of Kirklees Council. The guide price is £100,000 plus.

Other development opportunities include The Manse, a vacant former office and college premises on New North Road in Huddersfield. It is being offered at a guide price of £240,000 plus with planning consent and listed building consent to form student accommodation, comprising 13 en-suite bedrooms.

The former Magistrates Court in Chesterfield is being offered at the London sale at a guide of £400 to 425,000.

A freehold retail and residential investment in Leeds let to One Stop Stores, a subsidiary of Tesco Plc, producing £45,600 per annum, is guided at £400,000 plus.
Meanwhile, Brook House on Birmingham Road in Henley-in-Arden which is currently let to Cala Homes until 2020 at an annual rent of £75,000 has a guide of £650,000, a potential return of over 11.5%.

Simon Bailey, Director and Auctioneer at Eddisons said: ‘Brook House is a modern office building occupied by one of the UK’s principal house builders and will make a sound addition to any investment portfolio.’

The auctions are taking place at the following locations:

Manchester, December 3: Premier Inn, Trafford Park, Manchester
Leeds, December 5: Leeds United Football Club, Elland Road, Leeds
London, December 10: The Crowne Plaza, 19 New Bridge Street, London

All sales start at 12:30pm. The full catalogue is available to view on-line at www.eddisons.com/auctions

Written by: Richard Roe on Monday 11/11/2013

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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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