A View From The Rostrum

A View From The Rostrum

 

At the start of a new calendar year, Tony Webber, Head of our Property Auction department provides a ‘View from the Rostrum’ and some predictions for the property auction market in 2012.

On behalf of the auction team here at Eddisons I extend a happy New Year to all our valued clients and hope that in 2012 the sale room will provide fertile ground for property investors, whether looking to buy or sell.

2011 finished on a positive note, with the December sale generating proceeds of just over £8.3m as 74% of the lots offered sold. Some examples of where and what investors were buying is covered later.

This brought the total proceeds in 2011 to £66,945,211 from the 16 auctions held in Leeds and Manchester, which was a strong performance given the tough economic conditions which prevailed throughout the year. These strong results have helped to position the Eddisons Auction team as the 10th largest firm of Auctioneers in the UK and the largest firm outside of London and the South-East in statistics released by the Essential Information Group.

Initial indications for 2012 are that results will be very much in line with last year as the economy struggles to recover and confidence remains fragile.

The key driver will once again be price, with buyers being attracted to properties which they perceive as offering good value for money. The continued uncertainties in the bond and equity markets, under performing pension funds and low interest rates on traditional savings mean we strongly believe that property will remain the investment vehicle of choice.

Buyers are also likely to be encouraged by the very slight but noticeable easing of some bank and building society lending restrictions which hounded investors during the whole of last year, leaving them to use their savings to finance any purchases.

Meanwhile, we will also be working closely with vendors to ensure that guide prices and expectations on any property which comes to the sale room are aligned to market conditions.

Our February catalogue contains a wide range of stock from vacant or tenanted residential and commercial properties, through to industrial and land, with guide prices to suit all budgets, which should get the year off to a good start.

A few examples of properties sold at our auctions in Manchester on 6 December and in Leeds on 8 December revealed where and what investors are buying:

Manchester Auction

  • Stoke – Semi detached house in 3 flats – sold for £116,000
  • West Bromwich – Vacant workshop/industrial unit of 1900 sq ft – sold for £45,000
  • Rochdale – Vacant beauty salon of 729 sq ft – sold for £40,000
  • Various houses, vacant or let sold at yields of around 9/10% in Bolton, Blackburn, Burnley, Colne, Nelson, Leigh, Radcliffe, St Helens, Salford and districts around Manchester

Leeds Auction

  • Skipton – Land with planning consent for 3 houses – sold for £50,000
  • Bradford – Vacant offices of 3492 sq ft – sold for £170,000
  • Leeds – Community Centre – sold for £330,000
  • Leeds – 7 shops, 2 flats, 7 garages and land all let at £43,682 pa – sold for £407,000
  • Guiseley – Telecom investment, plus 2.1 acres of green belt land – sold for £170,000
  • Goole – Telecom investment let at £7,600 pa – sold for £68,000
  • Cleethorpes – Nightclub investment let at £15,000 pa rising to £30,000 pa – sold for £150,000
  • Leeds – Vacant workshop and showroom of 6144 sq ft – sold for £182,000
  • Hull – 8 apartments – sold for £385,000

Written by: Richard Roe on Friday 03/02/2012

 

 

Eddisons Sees in New Year with Major Announcements

Eddisons Sees in New Year with Major Announcements

 

National firm of Chartered Surveyors Eddisons has marked the New Year with a hat trick of significant announcements.

These include the launch of a Licensed, Leisure and Hotels department, the opening of two offices in Ireland and the introduction of a new corporate identity.

Philip Booth (48) most recently Director of Licensed and Leisure at Grant Thornton heads up the new Licensed, Leisure and Hotels department, which will operate from the firm’s head office in Leeds as well as London, Birmingham and Manchester.

The initial team of six is expected to increase to eight by the end of the year.

Nigel McDonald, Managing Director of Eddisons said: ‘I am confident that the specialist team Philip has assembled will complement our existing departments, broaden our client base and further enhance our overall offering.’

Meanwhile Eddisons, which already has eight offices across the country, has extended its coverage into Ireland.

The firm has opened offices in Dublin and Limerick from where it says the initial staff of eight will target banks and insolvency practitioners with services such as valuations, impaired debt strategic advice, plant and machinery and property management.

‘Ireland is a natural extension of our current geographical footprint where we will offer the same director led approach and specialist services to banks and insolvency practitioners as we do from our existing offices.

‘It will also help us to attract and service Irish clients who have property interests in the UK. Similarly UK businesses that have property interests in Ireland will benefit from the fact that we now have dedicated representation in the country offering invaluable local knowledge,’ said Mr McDonald.

Eddisons has also heralded in 2012 with the introduction of a new corporate identity, the first change of branding for over 10 years.

The distinctive new logo is part of a significant rebranding exercise and is being rolled out across all areas of the business including the signage which appears on commercial property sites.

As part of the rebrand Eddisons has carried out a major overhaul of its website, adding a range of features such as enhanced property search functionality.

Mr McDonald commented: ‘The new identity better reflects the current shape and future direction of the business, which has grown and diversified significantly in recent years.’

 

Written by: Richard Roe on Friday 13/01/2012

 

 

Eddisons Completes Deals Worth Over £3.5m

Eddisons Completes Deals Worth Over £3.5m

 

The Bradford office of chartered surveyors Eddisons has completed a series of deals at sites across the city worth over £3.5m.

These include the sale of two large industrial complexes on Leeds Road and Otley Road and a detached warehouse and showroom on Thornton Road.

The three sites extend in total to 264,000 sq ft.

Steven Jones of Eddisons said: ‘These deals indicate that the appetite for high quality industrial and commercial space in the Bradford area is strong.

‘We have completed the sales during difficult times for the property sector and are delighted to have been able to achieve excellent prices for our clients.’

The Leeds Road site, close to Thornbury roundabout, has been acquired by Bradford based Roadside Retail, while Andante Freight is the new occupier of the site on Thornton Road. Both were sold on behalf of the administrators.

Meanwhile, the property at Rees Way on Otley Road, to the south of the city centre, has been bought by a private investor.

Mr Jones said: ‘It is great news for Bradford that these businesses and individuals are keen to invest in the city.’

 

Written by: Richard Roe on Monday 02/01/2012

 

 

Final 2011 Auction Results

Final 2011 Auction Results

 

Eddisons reported that 106 (72%) of the 147 lots at their recent two day sale in Leeds and Manchester sold, generating proceeds of over £8.2m.

Tony Webber of Eddisons said: ‘This was a very strong performance to end the year in which our 8 two day auctions have generated total proceeds of just under £67m.

‘Despite the financial gloom and doom buyers were out in force and showed a willingness to spend on a range of stock which they perceived as offering good value for money or which gave a healthy return on investment.’

Among the highlights was a parade of tenanted shops, flats and garages in Bramley, near Leeds.

The units on Henconner Lane which generate annual income of £43,682 sold for £407,000 off a guide price of £330 – 350,000, a return of 10.7%.

In Hull a portfolio of eight part tenanted apartments sold for £385,000 off a guide price of £380,000 plus.

The combination of one and two bedroom apartments currently generate annual income of £21,000 with the potential for this to increase to £40,000 when fully let.

Meanwhile, a double fronted retail sales unit extending to around 2,744 sq ft in Gorton, near Manchester sold for £87,000 off a guide price of £60,000 plus.

Interest was also high in a vacant two storey semi detached house in the Basford area of Stoke on Trent.

The property which has been converted into four flats sold for £116,000 off a guide price of £70,000 plus.

Other residential stock included a high yielding property in Burnley. The tenanted two bedroom property generates annual income of £4,419 and sold for £26,000, a return of 17%.

And finally the site of a former Roman fort in York, which is now used as a parcel of grazing land, sold for £15,000.

 

Written by: Richard Roe on Monday 02/01/2012

 

 

Eddisons Appoints New Associate Director

Eddisons Appoints New Associate Director

 

The Leeds office of Chartered Surveyor Eddisons has appointed Stephen Harrison as an Associate Director in its agency department.

Mr Harrison BSc (Hons) MRICS (32) was previously with Ryden Commercial Property Consultants.

He joins the firm’s seven strong agency team, which cover the West Yorkshire area.

Stephen Harrison said: ‘I am delighted to have joined such a respected and recognised national company and look forward to contributing to its future growth.’

Nigel McDonald, Managing Director of Eddisons said: ‘Stephen is an excellent appointment. His experience acting for national, regional and local property companies will compliment the expertise already within the agency department.’

Eddisons currently employs over 200 staff across their 8 offices nationwide.

 

Written by: Richard Roe on Tuesday 01/11/2011

 

 

Eddisons launches New Insurance Division

Eddisons launches New Insurance Division

 

Chartered Surveyors Eddisons has launched a new property insurance division.

Eddisons Insurance Services Ltd. will provide property insurance and risk management solutions and is fully regulated by the Financial Services Authority in respect of insurance mediation activities.

As a group, Eddisons already arranges insurance protection for over £1.5 billion of commercial assets on behalf of financial institutions and private clients.

The new division is headed by Nick Towns, formerly of insurance broking firms, Marsh and Oxygen.

Mr Towns said: ‘By consolidating insurance arrangements with a major insurer our substantial buying power provides a platform for our clients to benefit from highly competitive premiums and a breadth of cover which is not widely available in the market.

‘We believe our new proposition will appeal to both major investors and clients with modest portfolios.’

The firm says it will work closely with clients who have vacant properties and are being affected by both vacant property rates and increased insurance premiums at restricted cover.

Nick Towns said: ‘Clients with vacant properties are being hit particularly hard. We can now provide a completely integrated solution covering insurance, risk management and rating advice which is not typically available through a conventional insurance broker.’

Eddisons Insurance Services is already working on a number of high profile instructions, including the vacant Bonding Warehouse in York, which has recently been put up for sale.

The disposal of the landmark building is being handled by Eddisons in their capacity as LPA receivers.

Nigel McDonald, Managing Director of Eddisons said: ‘The insurance division provides a natural fit within the group.

‘We now provide clients with a comprehensive range of services through the life cycle of a property including acquisition, property management, valuations, building surveying, rating, landlord and tenant and disposal.’

 

Written by: Richard Roe on Friday 01/07/2011