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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 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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