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February Property Auction Generates £8.2m

Written by: Richard Roe on Wednesday 29/02/2012

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Eddisons reported that 112 (69%) of the 162 lots offered at their recent two day property auction in Leeds and Manchester sold, generating proceeds of over £8.2m.

Tony Webber of Eddisons said: ‘This was a very strong performance to start our auction year.

‘Although the market remains price sensitive, there was a definite mood of quiet confidence among buyers who clearly came with cash to invest or external funding in place, which meant many lots generated multiple interest.’  

Among the successful lots was the former Broad Lane Library in Bramley, nearLeedswhich sold for £181,000 off a guide price of £50,000 plus.

A former water tower at Spacey Houses near Harrogate which was offered with planning consent for conversion to a four bedroom house sold for £202,000 off a guide price of £110,000 plus.

Meanwhile a tenanted nightclub inDoncasterwhich generates annual rent of £55,000 sold for £310,000 off a guide price of £300,000 plus, a return of 17.7%. 

Elsewhere, The Elms Hotel in Llandudno achieved the guide price of £250,000.

There was strong demand for development land, including a building plot in Birkenshaw near Bradford offered with planning consent for a five/six bedroom detached house, which sold for £146,000 off a guide price of £70,000 plus.

And in Burnley, the site of the former Whittams Mill was sold for £110,000 off a guide price of £90,000 plus.

Written by: Richard Roe on Wednesday 29/02/2012

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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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