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First London Auction Raises £3.6m

Written by: Richard Roe on Friday 23/11/2012

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Eddisons generated proceeds of £3.6m at its first ever London auction. 

The firm reported that 12 (60%) of the 20 lots offered were sold, with bids already received on four of those which failed to sell on the day.

Simon Bailey, Director and Auctioneer at Eddisons said: ‘We are delighted with the response to our inaugural London sale which was staged during what remains a challenging market.’

‘The busy room reacted positively to a number of lots, many of which sold for well over their guide prices. We already have bids on the table for some of the unsold stock which will further enhance the overall performance.’  

The best performing lot of the day, in terms of price achieved, was a commercial investment in Birmingham.  

The property on New Town Row, which is mainly let to Akzo Nobel (formerly ICI) producing annual income of £113, 608 per annum, sold for £1,095,000. The guide price was £950,000.

Also in Birmingham, a tenanted mixed retail and residential property on Coventry Road, Sheldon generating income of £14,800 per annum, sold for £170,000, off a guide of £110,000.

Both lots were offered on the instructions of the joint fixed charge receivers.

Elsewhere, a freehold retail investment in Holloway, North London which is let to a Subway franchisee until 2029 at £30,000 per annum, sold for £490,000, a net initial yield of 5.84%. The guide price was £450,000.

Meanwhile a freehold residential property arranged as three recently refurbished flats in Sydenham, within the London Borough of Lewisham, sold for £638,000, off a guide of £500,000.

And in Rayleigh, Essex, a freehold commercial building with yard which was offered with vacant possession at a guide price of just £15,000, sold for £181,000.

Other highlights included a part let industrial site in Immingham, north east Lincolnshire, generating annual income of £8,000.

The site which extends to over 3.5 acres, including a freehold warehouse and industrial buildings totalling approximately 92,000 sq ft. sold for £270,000 off a guide of £250,000.

Eddisons has five London auctions planned in 2013, the first of which takes place on March 7th at Le Meridien, 21, Piccadilly, London W1. Closing date for entries is February 1st.

The firm also holds 16 auctions annually in Leeds and Manchester and has recently staged its first Irish auction, which achieved a 100% success rate.

Mr Bailey said: ‘We look forward to building on the success of our first London sale and complimenting our established auction programme, to create a strong national offering.’  

Written by: Richard Roe on Friday 23/11/2012

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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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