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Eddisons Auction Proceeds Top £7.3m

Written by: Richard Roe on Monday 14/04/2014

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Eddisons sold 70 (70 per cent) of the 100 lots offered at its latest two day sale in Leeds and Manchester, generating proceeds in excess of £7.3 million.

Tony Webber of Eddisons said: ‘This was another strong performance and continues the upward trend we witnessed in the final quarter of 2013 and at the start of this year.

‘Investors once again turned out in large numbers and there was competitive bidding for both residential and commercial stock, which helped drive prices up.’

Highlights included Lupset Hall, a vacant Grade II* listed former Gentleman’s residence in Wakefield which sold for £310,000 off a guide of £100,000 plus.

Also in Wakefield, a mixed retail and office investment which is part let to betting firm William Hill at an annual rent of £20,000 per annum sold for £191,000, off a guide of £150,000 to £180,000. Meanwhile, Waterfront House, a former mill building on Thornes Lane which has been converted into offices currently producing income of £13,215 per annum, sold for £190,000.

Elsewhere, a freehold retail investment in Bacup, Lancashire let to Martin McColl Ltd on an unbroken lease for 20 years from 2014 sold for £370,000, off a guide of £360,000. The annual passing rent is £25,000 per annum, a gross yield of 6.76%.

A mixed retail and residential investment opportunity in Hull which comprises a tenanted ground floor retail unit generating rental income of £12,000 per annum, and two vacant floors of residential accommodation, sold for £218,000 off a guide of £100,000 plus.

Other highlights included a former police station on Warrington Road in Wigan which sold for £110,000.

Among the residential stock was a tenanted property on Bagot Street in Liverpool, currently generating £24,700 per annum which sold for £220,000, a gross return of over 11%.

And in Leeds, a vacant Grade II listed former lodge house in the curtilage of Moor Allerton Hall achieved £125,000, off a guide of £110,000 plus.

Eddisons’ next three day sale takes place in London on 15 May, Manchester on 20 May and Leeds on May 22. The closing date for entries is 15 April.

 

 

By Carl Gledhill

Written by: Richard Roe on Monday 14/04/2014

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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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