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Eddisons Auction Raises over £6.8m

Written by: Richard Roe on Thursday 12/04/2012

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Eddisons reported that 101 (70%) of the 144 lots offered at their latest sale in Leeds and Manchester sold, generating proceeds of over £6.8m.

Tony Webber of Eddisons said: ‘Many lots attracted multiple bids as buyers reacted positively to a range of investment opportunities.’   

Leeds City Council generated £646,500 from the sale of two surplus properties.

These included a vacant detached house in the Headingley area of Leeds which sold for £454,000, more than £100,000 over its original guide price (£330 – 350,000).

Meanwhile, a vacant inner through terraced house off Chapeltown Road in Leeds sold for £192,500 off a guide of £110,000 plus, despite being in need of complete renovation and modernisation.

Other highlights included a former Leeds Presbytery which sold for £300,000 off a guide price of £280,000 plus.

The St Patricks Presbytery on New York Road, which has been converted to form 16 studio flats and renamed New York Studios, currently generates annual rental income of £39,720, a return of 13.24%. 

North East stock was in high demand, including a tenanted single storey detached retail unit comprising a hot food takeaway in Middlesbrough which sold for £107,000 off a guide of £75,000 plus.

Elsewhere, a substantial Georgian mid terraced building in Warrington was sold for £224,000 off a guide price of £100 to 125,000, despite being in need of extensive refurbishment.

The property on Bewsey Street, close to the railway station was formerly the site of a hotel and was most recently utilised as 11 self contained studio and one bedroom apartments.

Meanwhile, on Church Road West in Liverpool a property which comprises a children’s day nursery, a lock up garage and five one bedroom apartments sold for £231,000 off a guide of £165,000 plus.

Eddisons next two day sale takes place on May 10, at Leeds United Football Ground, Leeds and on May 15 at The Premier Inn,Trafford Park, Manchester. Both sales start at 12.30pm.

Written by: Richard Roe on Thursday 12/04/2012

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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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