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July Property Auction Results

Written by: Richard Roe on Friday 27/07/2012

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Eddisons sold 63% of the lots offered at its latest two day sale in Leeds and Manchester generating proceeds of over £4m.

Among the highlights were two commercial units on Suffolk Road, close to Sheffield Hallam University, extending to 5,190 sq ft, which sold for £260,000 off a guide price of £200,000. They had previously been on the market for sale by private treaty.

Meanwhile, Minerva House, a vacant purpose built office building extending to 33,190 sq ft, plus a modern industrial unit of 4,555 sq ft on Pendlebury Road in Swinton, sold for £250,000. 

Elsewhere, a part let property in Blackpool comprising two ground floor retail units, with three flats above, producing £19,240 per annum sold for £122,000, a return of over 15%. The guide price was £95,000 plus.

In nearby Lytham St Annes a fully let property containing a ground floor retail unit and a five bedroom apartment above which generates annual income of £15,400, sold for £150,000.

Among the other successful lots was the site of the former Border Park Services in Byrness village within the Northumberland National Park which sold for £77,000 off a guide of £40,000 plus.

The site has lapsed planning consent for the development of a shop/restaurant and 12 log cabins.

Residential stock included a vacant apartment close to the site of the new Leeds Arena.

The two bedroom, two bathroom apartment at Aspect 14 on Elmwood Lane, sold for £93,500 off a guide price of £70,000 plus. 

And a part let property on Bute Avenue in Blackpoo lwhich is arranged as three separate flats, currently generating annual income of £10,920, sold for £93,000. The guide price was £70,000 plus.

The next auctions take place in Manchester on 11 September, in Leeds on 13 September and London on 21 November.

Written by: Richard Roe on Friday 27/07/2012

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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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