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Eddisons Optimistic Ahead of 2014 Auctions

Written by: Richard Roe on Thursday 30/01/2014

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Eddisons says it is looking forward to its 2014 auction campaign with ‘real optimism’ ahead of its first three day sale, which has attracted 142 lots.

Tony Webber, Director and Auctioneer at Eddisons said: ‘2013 was an excellent trading year in our auction rooms, where we produced over £60m worth of sales, with an average success rate of 81% out of the 1,016 lots offered.

‘Further improvements in the economic climate means we can look forward to this year with real optimism.

‘There is an increase in the availability of funds, including buy-to-let mortgage products and I am confident cash rich investors will continue to target auctions in the pursuit of good quality, realistically priced investments.’

At the first sale, taking place in London, a portfolio of 22 properties on behalf of National Grid plc goes under the hammer.

The assets cover a broad geographical area ranging from Cornwall to Scotland and West Wales across to Norfolk. Guide prices range from £300,000 plus to nil reserve.

Simon Bailey, Director and Auctioneer at Eddisons said: ‘Working jointly with Capita, we are once again delighted to offer a variety of assets on behalf of National Grid plc, including residential, development land and vacant commercial buildings.

‘Interested parties wishing to bid for any of the National Grid plc lots must register with us by close of business on Tuesday February 11th.’

Meanwhile a freehold restaurant and two self contained flats on King Street in Hammersmith is being offered with vacant possession at a guide price of £900,000 to £950,000.

At the Leeds sale strong interest is expected in two adjoining former offices in Harrogate, which have planning consent for conversion into nine flats. The guide price is £600,000. The lower ground floor is currently let to Yorkshire Cancer Research, producing income of £8,250 per annum.

Elsewhere, a retail unit on Beckside Road in the Lidget Green area of Bradford which is let to Martin McColl Ltd at a rent of £21,000 per annum is guided at £280,000 to £300,000.

At the Manchester sale a tenanted mixed use property on Prescott Road in Liverpool producing income of £10,938, with the potential for this to increase to around £35,000 when fully let, is guided at £225,000 plus.

And a vacant former office building within the Northern Quarter of Manchester city centre is being offered on the instructions of the Administrators and could suit redevelopment, subject to planning. The guide is £175,000 plus.

The full catalogue is available to view on-line at www.eddisons.com/auctions.

The dates and venues of the three sales, all of which which start at 12:30pm are:

London, Tuesday February 18th at, The Crowne Plaza, 19 New Bridge Street, London EC4V 6DB

Leeds, Thursday, February 20th at Leeds United Football Club, Elland Road, Leeds LS11 0ES

Manchester, Tuesday, February 25th at The Premier Inn, Trafford Park, Manchester M17 1WS

By Carl Gledhill

Written by: Richard Roe on Thursday 30/01/2014

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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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