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Eddisons 2013 Auction Proceeds Top £60m

Written by: Richard Roe on Thursday 12/12/2013

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Eddisons generated proceeds of nearly £7.4m (£7,358,000) at its three day December sale held in Manchester, Leeds and London.

This brings total proceeds from the 21 auctions Eddisons has staged this year to in excess of £60,000,000. The firm has offered over 1,000 lots and achieved an average success rate of 81%.

Tony Webber, Head of Auctions at Eddisons said: ‘The auction room has once again proved a popular place for buyers looking for a variety of investment opportunities and vendors looking to dispose of surplus stock quickly.

‘Market conditions have certainly improved since this time last year and we can look forward to the New Year with plenty of optimism.’

Highlights of the Manchester leg of the December sale included a tenanted commercial and residential investment in Edgeley, Stockport producing income of £25,050 per annum, which sold for £242,000. The guide price was £160,000 plus.

A tenanted commercial investment property on Churchgate in Bolton guided at £170,000 plus, sold for £206,000.

And a part tenanted office building at the Adlington Business and Industrial Park in Cheshire sold for £200,000. The guide price was £150,000 plus.

The Leeds sale saw a part-tenanted investment property in the Beeston area of the city sell for more than £100,000 above the advertised guide price.

The detached property which had been guided at £180,000 to £200,000, finally sold for £316,000. It is arranged as 12 self-contained flats currently producing income of £30,000 per annum.

Elsewhere, a former water tower on the Great North Road in Bawtry, near Doncaster sold £30,500 which was well in excess of the advertised guide of just £2,000.

Buyers wanting to get their hands on a former public toilet in Marsh, near Huddersfield had to spend more than a penny. The single storey building which has change of use consent for A1 retail sold for £37,500 off a guide of £20,000 plus.

The London sale included a freehold retail and residential investment in the Whingate area of Leeds let to One Stop Stores, a subsidiary of Tesco Plc, producing income of £35,200 per annum, which sold for £400,000.

And two leasehold residential investments at the Garand Court apartments in the Islington area of London producing annual income of £21,840 and £20,800, sold for £410,000 and £408,000 respectively. The guide price in both cases was £325,000 plus.

Elsewhere, a parcel of former Ministry of Defence land in Pendine, which was offered with outline planning permission for 40 houses sold for £205,000. The guide price was £125,000.

Eddisons is currently inviting instructions for its first three day sale of 2014 which takes place in London on February 18, Leeds on February 20 and Manchester on February 25.

The full 2014 auction diary can be viewed by clicking here

Written by: Richard Roe on Thursday 12/12/2013

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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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