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Lots of Demand For Auction Stock

Written by: Richard Roe on Wednesday 06/11/2013

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Eddisons reported strong demand for all types of stock at its latest three day property auction which generated total proceeds of nearly £9 million (£8,935,250).

In total 85 (82%) of the 104 lots offered at the sales in Leeds, Manchester and London were sold.

Tony Webber of Eddisons said: ‘Strong demand for stock in all categories contributed to the excellent result. This included residential development land and vacant offices, which have been difficult to sell in some previous sales.

‘There were clear signs of increased confidence from investors who turned out in large numbers and along with competitive bidding helped drive many prices well beyond the advertised guide.’

Highlights included;

A vacant parcel of land in Stoke extending to 0.6 acres which sold for £221,000, off a guide of £75,000 plus.

A mixed use investment property in the Smethwick area of Birmingham, producing income of £34,680, sold for £256,000. The guide was £185,000 plus.

An industrial complex in Doncaster extending to nearly 3 acres sold for £250,000. The guide price was £200,000 plus.

A residential development site in Birstall, near Batley, with outline planning for up to 21 dwellings sold for £214,000, off a guide of £170,000 plus.

Elsewhere, a smallholding of around 6 acres at the side of Otley Chevin, near the West Yorkshire market town of Otley, which was guided at £100,000 plus, sold for £149,000.

Commercial stock included Stewart House, a vacant detached office building off Burley Road in Leeds, which sold for £180,000.The guide price was £130,000 plus.

And in Barnsley, ‘City Reach’, a part built apartment scheme realised £375,000. On completion it is set to comprise 66 one bedroom and 20, two bedroom flats along with 10,000 sq ft of retail and leisure space.

Residential investments in Liverpool also proved popular among investors.

These included a tenanted block of six, one bedroom apartments producing annual income of £23,920, which sold for £172,000, off a guide of £120,000 plus.

Meanwhile, two semi-detached houses arranged as five self-contained flats sold for £138,000 off a guide of £100,000 plus. Current rental income is £13,746 per annum.

Written by: Richard Roe on Wednesday 06/11/2013

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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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