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Eddisons Auction Generates Over £8.6m

Written by: Richard Roe on Monday 14/07/2014

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Eddisons generated proceeds of over £8.6 million at its latest round of auctions in Leeds, Manchester and London.

Over the three days 60% of lots offered sold, with an average price per lot of £157,500.

Highlights included a freehold residential investment in Penclawddd near Swansea. The modern development of four, 4 bedroom houses currently generates income of £35,400 and sold for £780,000. The guide price was £700,000 to £750,000.

Meanwhile, a vacant freehold former farmhouse and outbuildings in Chalfont St Giles in Buckinghamshire achieved £410,000 off a guide of £325,000 plus.
In Wigan a property arranged as 11 self-contained flats producing annual income of £25,200 sold for £299,000, having been offered at a guide of £145,000 plus.

A development site with lapsed planning consent for a mixed commercial and residential scheme within walking distance of Manchester city centre sold for £250,000.

In the Hyde Park area of Leeds a tenanted nine bedroom house currently generating income of £42,120 per annum sold for £360,000. The guide was £350,000 plus.

Also in Leeds a residential development opportunity also proved popular. The site which has full planning consent for a nine storey block of 35 flats sold for £164,000. The guide price was £80,000 to £100,000.

Elsewhere a modern office investment within the Fusion Court development in Garforth which produces annual rent of £23,837 sold for £216,000.The guide was £160,000 to £180,000.

In Wakefield, a vacant former gymnasium and adult education construction workshop offered on behalf of the local Council at a guide of £100,000 plus, sold for £237,000.
Yorkshire Water disposed of the former High Bentham Water Treatment Works in High Bentham, close to the Yorkshire Dales National Park which was knocked down for £130,000.

There was high demand for development land, including a site on Thrumhall Lane in Halifax which achieved £132,000 off a guide of just £35,000 plus
Tony Webber, Director and Auctioneer at Eddisons said: ’This was a good performance with stock selling well in all categories.
‘The demand for development land is a strong indication of renewed developer confidence.’

Written by: Richard Roe on Monday 14/07/2014

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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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