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Property Auction Generates Over £8m

Written by: Richard Roe on Wednesday 07/08/2013

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Eddisons sold 83 (79%) of the 105 lots at its recent three day sale in London, Manchester and Leeds generating proceeds of £8,352,511.

Highlights included an investment property in Kentish Town, let to supermarket giant Sainsbury’s, which achieved £1,840,000.

The property on Kentish Town Road in North London generates rental income of £90,000 per annum, showing a net initial yield of 4.62%, with approximately 8 years remaining on the lease. The advertised guide price was £1.5m to £1.6m.

Simon Bailey of Eddisons said: ‘There was significant interest in this lot, with some sizeable offers made in advance of the auction.

‘However we advised the client to proceed with the sale by auction and the price we achieved proved this was the correct strategy.’

Other lots which proved popular included a ‘hole in the wall’ cash point in Hatfield, Hertfordshire.

The ATM machine at Comet Square is let to Nationwide Building Society until 2018 at £11,909 per annum. The long leasehold interest (999 years) sold for £92,000, off a guide price of £50,000, following competitive bidding.

Elsewhere, Grove Villas, a former day care centre on Cardigan Road in Headingley, near Leeds, sold for £545,000. The guide price was £500,000 plus.

Also in Leeds, the former Pennington Place hostel which was offered on the instructions of Leeds City Council, sold for £335,000.

A property in Shipley town centre which is part let to sandwich chain Subway at £17,500 per annum, sold for £190,000.

Meanwhile, a former 19 bedroom residential care home in Rhyl sold for £125,000.

Development opportunities included a parcel of land in Brotherton, near Knottingley. The 0.6 acre site, which has full planning consent for 10 residential properties, sold for £150,000.

And in the Rishton area of Blackburn, a vacant plot of land with development potential sold for £17,500, more than three times the advertised guide.

Mr Bailey said: ‘Buyers came in big numbers and were clearly in the mood to invest.

‘The results underline the fact that regardless of the time of year, the right stock at the right price is a winning formula and is too good for investors to miss.’

Written by: Richard Roe on Wednesday 07/08/2013

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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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