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Property Auction Generates £8m

Written by: Richard Roe on Monday 03/06/2013

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Eddisons generated proceeds of nearly £8,000,000 (£7,994,500) at its recent three day sale in Leeds, Manchester and London.

Tony Webber of Eddisons said: ‘This was our first combined national property auction catalogue which gave all the lots we were offering increased visibility.

‘Despite the challenging trading conditions we are delighted to have sold nearly £8m of stock across all asset classes in just 7 days.’

In the Manchester sale, a fully let residential investment in Liverpool generating £20,500 per annum, sold for £205,000.

The two properties on Upper Hampton Street, near to the universities, had been offered on the instructions of the joint LPA receivers at a guide price of £170,000 plus.

Meanwhile, a mixed commercial and residential opportunity in the Burnage area of Manchester, currently generating annual income of £11,160, sold for £173,000.

Among the residential stock was a vacant three bedroom semi-detached property in the Ladybridge area of Bolton which sold for £78,000 off a guide of £45,000 plus.

In the Leeds sale, a holiday lodge complex on the banks of the River Tees sold for £332,000.

Highcliffe Waters, in the village of Winston near Darlington, had been offered on the instructions of the joint LPA Receivers at a guide price of £300,000.

The complex currently comprises five detached lodges, with fishing rights, and has lapsed planning consent for a further 10, on a site which extends to nearly 30 acres.

Elsewhere, St Paul’s House, a refurbished Grade II listed former Church premises in Pudsey, which now provides office accommodation, sold for £122,000 off a guide of £95,000 plus.

The former British Legion Club in the village of Skelton, to the north west of York city centre, which had a guide of £50,000 plus, sold for £90,000.

Residential stock included the former caretaker’s bungalow at Bramhope Primary School on the outskirts of Leeds. The three bedroom property, which was offered on the instructions of Leeds City Council at a guide price of £150,000 plus, sold for £225,000.

The best performing lot over the three days was the Bull and Bush public house and restaurant in Torquay which achieved £600,000 at the London sale.

Two freehold parcels of land in Farnborough with development potential also proved popular.

These included a 0.17 acre site adjacent to 60 Farnborough Road which sold for £155,000, while a site extending to 0.11 acres on the corner of Peabody Road and Queens Road achieved £145,000. Both had guides of £75,000.

The sites were offered on behalf of JCDecaux, one of the world’s leading outdoor advertising companies.

Eddisons’ next auctions take place in Manchester on June 25th, Leeds on June 27th and in London on July 25th.

By Carl Gledhill 

Written by: Richard Roe on Monday 03/06/2013

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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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