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Aircraft Hangers in Eddisons Auction Success

Written by: Richard Roe on Friday 23/05/2014

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Two former Ministry of Defence aircraft hangers generated proceeds of over £1,000,000 when they went under the hammer at the recent Eddisons auction in London, which saw 83% of the lots offered selling under the hammer.

The properties at Wroughton Airfield in Swindon had been guided at £325,000 plus and £275,000 plus, and achieved £570,000 and £520,000 respectively.

Simon Bailey, Director and Auctioneer at Eddisons said: ‘We expected a strong result given the amount of pre auction interest and we were not disappointed.
‘It ultimately came down to a bidding war in the room involving two people, which drove the prices up.’
The London sale also saw two freehold retail properties in Wednesbury sell for nearly four times the advertised guide price.

The units had been offered with vacant possession at a guide of just £30,000 plus and finally sold for £116,000.

In total Eddisons generated proceeds of nearly £7,000,000 at its latest three day sale which included dates in Manchester and Leeds, as well as London.

Other highlights included Washington Hall, an existing laboratory and office facility in Chorley, Lancashire which sold for £414,000 off a guide of £400,000 plus.

Meanwhile a tenanted commercial unit producing rent of £13,700 per annum in the Burnage area of South Manchester sold for £141,000. It had been offered at a guide price of £110,000 plus on the instructions of the Joint LPA Receivers.

In the Openshaw area of Manchester a residential development site with lapsed planning for 19 apartments achieved £77,000. The guide price was £40,000 plus.

Elsewhere a part-tenanted commercial investment close to Bradford city centre currently producing rent of £31,000 per annum sold for £266,000. The guide price was £180,000 plus.

In nearby Guiseley, a vacant three bedroom semi-detached in need of total renovation, achieved £228,000. It was offered on the instructions of a deceased estate at a guide price of £140,000 plus.

A vacant two bedroom ground floor flat in the Alwoodley area of North Leeds also proved popular, selling for £98,000 off a guide of £70,000 plus.

Also in Leeds, a tenanted four bedroom house on Coldcoates Avenue, off Harehills Lane, producing £5,580 per annum sold for £61,500, a gross yield of over 9%. The guide price was £45,000 plus.

Written by: Richard Roe on Friday 23/05/2014

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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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