Final 2011 Auction Results

Written by: Richard Roe on Monday 02/01/2012

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Eddisons reported that 106 (72%) of the 147 lots at their recent two day sale in Leeds and Manchester sold, generating proceeds of over £8.2m.

Tony Webber of Eddisons said: ‘This was a very strong performance to end the year in which our 8 two day auctions have generated total proceeds of just under £67m.

‘Despite the financial gloom and doom buyers were out in force and showed a willingness to spend on a range of stock which they perceived as offering good value for money or which gave a healthy return on investment.’

Among the highlights was a parade of tenanted shops, flats and garages in Bramley, near Leeds.

The units on Henconner Lane which generate annual income of £43,682 sold for £407,000 off a guide price of £330 – 350,000, a return of 10.7%.

In Hull a portfolio of eight part tenanted apartments sold for £385,000 off a guide price of £380,000 plus.

The combination of one and two bedroom apartments currently generate annual income of £21,000 with the potential for this to increase to £40,000 when fully let.

Meanwhile, a double fronted retail sales unit extending to around 2,744 sq ft in Gorton, near Manchester sold for £87,000 off a guide price of £60,000 plus.

Interest was also high in a vacant two storey semi detached house in the Basford area of Stoke on Trent.

The property which has been converted into four flats sold for £116,000 off a guide price of £70,000 plus.

Other residential stock included a high yielding property in Burnley. The tenanted two bedroom property generates annual income of £4,419 and sold for £26,000, a return of 17%.

And finally the site of a former Roman fort in York, which is now used as a parcel of grazing land, sold for £15,000.

Written by: Richard Roe on Monday 02/01/2012

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About the author

Richard has been the Managing Partner of Eddisons for since 2012 and has been instrumental in the growth of the business from a turnover of £6million in 2008 to a national business with a turnover of £12million in 2015.

Richard will continue to lead the business in its future growth plans under the new ownership of Begbies Traynor Group PLC and further seek to establish the business in key strategic markets.

In addition to his role as Managing Partner, Richard still continues to play a vital role with key clients, particularly in the banking zector, where he is a trusted adviser to various high street clearing banks. Over the last eight years, Richard has been appointed LPA Receiver on a number of high profile properties and assisted the bank in the recovery of distressed loan portfolios.  

Prior to joining Eddisons in 2003, Richard worked in the real estate division of a 'Big Four' professional services company. Notable assignments include the privatisation of Saudi Telecom for flotation on the New York Stock Exchange.

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