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Auction Generates Over £5.4m

Written by: Richard Roe on Monday 23/09/2013

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Eddisons sold 64 (68%) of the 94 lots at its two day sale in Leeds and Manchester, generating total proceeds of £5,465,500.

Tony Webber of Eddisons said: ‘Buyers reacted positively to all types of stock, with many lots creating competitive bidding which helped drive prices up.

‘It was noticeable that there was strong demand for land, which has been difficult to sell in previous auctions and is a good indication that market conditions are beginning to improve.’

The best performing lot over the two days was a fully let investment property in Huddersfield which sold for £412,000, off a guide of £320,000 to £350,000.

Briarfield House comprises 12 self-contained flats, producing annual income of £42,060.

In nearby Golcar a 0.33 acre site which has lapsed planning consent for seven houses, sold for £151,000, off a guide of £75,000 plus.

Meanwhile, a former water tower in Askham Bryan near York sold for £64,000. The building and land close to the main A64 Leeds to York road had been offered at a guide price of £20,000 to £25,000, on the instructions of Yorkshire Water.

It is currently let to Vodafone and TV York, producing income of £12,482 per annum.

Other Yorkshire Water lots which created interest included a 4.45 acre site adjacent to the waste water treatment works at Ossett Spa, near Horbury, which achieved £43,000, off a guide of £10,000 plus.

Elsewhere a mixed use property in Stockton-on-Tees which comprises six adjoining ground floor retail units, a restaurant, nightclub and a flat, sold for £281,000. The guide price was £250,000 plus.

In Middlesbrough, a former hotel which is now used as a house with multiple occupancy generated strong bidding, ensuring the final price of £207,000 was well in excess of the guide of £110,000 plus.

At the Manchester sale a parcel of land in Lancaster which is subject to an unauthorised occupation and had a declared nil reserve, sold for £1,100.

And the site of a former public house and land on the A62 Oldham Road in Failsworth, which offers redevelopment potential subject to planning, sold for £134,000 ,off a guide of £75,000 plus.

Eddisons’ next three day sale takes place in London on October 22, Leeds on October 24th and in Manchester on October 29th.

Written by: Richard Roe on Monday 23/09/2013

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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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