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Final Auction of 2012 Raises £8m

Written by: Richard Roe on Monday 10/12/2012

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Eddisons generated proceeds of nearly £8m at their latest property auction.

The firm reported that 105 (76%) of the 139 lots which were offered at the two day sale in Manchester and Leeds, sold.

Robert Limbert of Eddisons said: ‘This was an excellent sale to complete what has been a very successful auction year.

‘The room was extremely busy from first lot to last, as buyers responded positively to the sensibly priced stock, which was seen as offering good value for money.’

There was strong demand for both tenanted and vacant residential property, with 87% (69) of lots in that section of the sale snapped up.

This included Anglesey House, a four storey property in Llandudno, currently arranged as a five bedroom guest house, with self contained owners accommodation, which sold for £125,000.

And in the popular village of Chapel Allerton on the outskirts of Leeds, a vacant two bedroom terrace house which was guided at £110,000 plus, sold for £128,000.

Other highlights included a tenanted business park in Lockerbie, Dumfriesshire which sold for £500,000, off a guide of £500 to 550,000.

Meanwhile, the former Fitzwilliam Highways Depot near Wakefield, which was offered on the instructions of Wakefield Council, sold for £193,000. The guide price was £140,000 plus.                                                      

In Bradford, freehold ground rents secured upon 45 apartments and a ground floor office suite at Albion House on Vicar Lane generating income of £19,300, sold for £430,000. The guide price was £350,000.

Elsewhere, a residential development site in Worsborough near Barnsley extending to 1.96 acres, sold for £123,000. The guide price was £100,000 plus.

Finally, in Little Sutton, Ellesmere Port in Cheshire, a mixed retail and residential property generating £16,980 per annum, sold for £148,000. The guide was £135,000 plus.

Eddisons is already receiving instructions for their first auctions of 2013, which take place in Leeds on 21 February, Manchester on 26 February and London on 7 March.

Mr Limbert said: ‘Instructions are already coming in for our first sales of the New Year, so we should be able to provide buyers with a wide choice of investment opportunities.’ 

Proceeds from all Eddisons auctions conducted in 2012, including inaugural sales in London and Dublin, exceeded £60m.

Written by: Richard Roe on Monday 10/12/2012

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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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