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Eddisons Auction Proceeds Hit £58M

Written by: Rob Limbert on Tuesday 16/12/2014

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Eddisons has announced total proceeds of approximately £58,000,000 from its 2014 auction programme, following the completion of its three day December sale.

Throughout the year the firm has staged 19 auctions in Leeds, Manchester and London at which 75% (622) of the lots offered have been sold.

Robert Limbert an auctioneer at Eddisons said: ‘Given the uncertain economic backdrop over the last 12 months these figures are very impressive. Investors have consistently turned out in large numbers and bid for stock in all categories. It is clear that auctions remain an effective route to market, particularly where the true market value is largely unknown.’

Highlights of the December sale included a freehold residential investment near Coventry. The majority let investment in Walsgrave which is arranged as 15 flats, currently producing a gross annual rental income of £75,600 per annum sold for £637,500. The guide price was £500,000 plus.

Elsewhere, a freehold retail and residential investment in Northampton town centre producing income of £28,030 per annum achieved £320,000. The guide was £250,000 plus.

In the Cheetham Hill area of Manchester a part complete commercial development arrange over four floors sold for £260,000, off a guide of £200,000 plus.

A commercial investment opportunity in the village of Wyke, near Bradford, also proved popular. The property which includes a tenanted retail unit producing £7,700 per annum achieved £124,000, off a guide of £60,000 to £70,000.

Meanwhile, Wellington Buildings in Liverpool sold prior to the firm’s Manchester sale for a figure within the guide price of £1,500,000 and £2,000,000. The property overlooks the iconic Royal Liver, Cunard and Port of Liverpool buildings within the Unesco World Heritage Site. It may suit residential, student accommodation or a hotel, subject to planning.

Eddisons is now inviting instructions for its first three day sale of 2015 taking place in London on 19 February, Manchester on 24 February and Leeds on 26 February. The closing date for entries is 20 January.

Written by: Rob Limbert on Tuesday 16/12/2014

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About the author

Robert joined Eddisons' property auctions team in 2004 as a senior surveyor and is now a Director and Auctioneer based in the Leeds office. The property auction division organises around 15 auctions a year in Leeds and Manchester and sold £30m of property at auctions in 2015. Previously, Rob worked for Ashtenne Industrial Fund and has more than 17 years’ experience in property.

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