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Auction Proves A Hit With Investors

Written by: Richard Roe on Monday 15/04/2013

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Eddisons sold 71 (71%) of the 100 lots offered at its recent two day sale in Leeds and Manchester, generating proceeds of over £5m.

Among the highlights was Sandfield House, a vacant former residential care home in the Headingley area of Leeds, which sold for £400,000.

Meanwhile, a portfolio of ten residential properties in Middlesbrough was snapped up, achieving a total of £538,500.

These included a vacant two bedroom mid through terrace on Abingdon Road which sold for £53,500, off a guide price of just £20,000 plus.

Of the tenanted stock a two bed mid terrace house on Egerton Street, which generates £5,460 per annum sold for £44,000, a gross return of 12.41%.

Property in Stoke also proved popular, with a vacant terraced house close to Hanley Park selling for over double its guide price.

The mid terrace property on College Road, guided at £45,000 plus, sold for £92,500.

Elsewhere, in Cornholme near Todmorden, a derelict former industrial mill premises sold for over eleven times the guide price.

Glen Works had been offered on the instructions of the mortgagee not in possession at a guide of £10,000 and finally sold for £112,000, following a bidding war.

Leeds City Council disposed of a vacant parcel of land in Gipton, with outline planning consent for residential development, which sold for £25,000.

There was strong demand for all residential stock, including a tenanted three bedroom dormer bungalow in Byram, near Knottingley generating £6,600 per annum, which sold for £122,000. The guide price was £90,000 plus.

And, a vacant three bedroom semi-detached house in the Chapel Allerton area of Leeds, requiring full refurbishment, sold for £117,000 off a guide of £100,000 plus.

Commenting on the sale, Tony Webber of Eddisons said: ‘Buyers reacted positively to all types of stock, many of which attracted multiple bids and helped drive prices up.

‘The high attendance at both sales further demonstrates that property remains the vehicle favoured by many investors.’

Written by: Richard Roe on Monday 15/04/2013

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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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