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Auction Generates Over £7.8m

Written by: Richard Roe on Thursday 28/02/2013

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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.

Written by: Richard Roe on Thursday 28/02/2013

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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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