Member Article

Property auction generates £8m

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. For more information, please visit http://www.eddisons.com/property-auctions/.

This was posted in Bdaily's Members' News section by Graham Vincent .