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May Auction Results

Written by: Richard Roe on Friday 18/05/2012

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Proceeds of nearly £6m (£5,968,000) have been generated at the latest Eddisons property auction.

The firm reported that 67 (73%) of the 92 lots at the two day sale in Leeds and Manchester sold, with a number of lots exceeding their original guide prices.

Tony Webber of Eddisons said: This was an excellent sale with a real cross section of lots selling.

‘Buyers were prepared to spend that little bit more on stock which they felt offered greater potential for realistic returns in the short, medium and long term, compared to traditional investments and pension funds.’

Highlights included two residential investment properties in Bradford and Newcastle-under-Lyme.

Merchant’s Court inBradford City Centre contains 17 one and two bedroom apartments generating £99,960 per annum.  The property was bought by a London based investor for £891,000 off a guide price of £890 to 920,000.

Meanwhile, a portfolio of eleven tenanted apartments inNewcastle-under- Lyme was sold for £801,000 off a guide price of £740,000.

Elsewhere, an industrial unit with offices and yard on the Knowsley Business Park in Liverpool which had been offered at a guide price of £150,000 plus sold for £180,000.

In Leeds, the City Council disposed of a surplus Highways depot.

The vacant building on the corner of Tong Road and Windmill Gate in the Upper Wortley area of Leeds sold for £208,000 off a guide price of £120,000 plus.

Residential stock included a property on Allerton Grove, off Street Lane inNorth Leeds, which sold for £170,000.

The vacant three bedroom semi had been offered by order of the Power of Attorney at a guide price of £150,000 plus.

Similarly, five residential properties in Blackpool also proved popular.

These included two part let semi detached houses, each arranged as six flats, on Tudor Place to the south of the town centre, which sold for £150 and 151,000 respectively.

The next two day sales takes place in Leeds on June 14 and in Manchester on June 19, starting at 12.30pm.

Written by: Richard Roe on Friday 18/05/2012

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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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