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Newly acquired Leeds firm Eddisons' auction proceeds hit £58 million

Leeds-based chartered surveyors Eddisons, recently acquired by North West consultancy Begbies Traynor has announced total proceeds of £58 million from its 2014 auction programme.

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.

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.

This was posted in Bdaily's Members' News section by Clare Burnett .