Latest Eddisons Auction Attracts 104 Lots

Latest Eddisons Auction Attracts 104 Lots

 

Eddisons has attracted 104 lots for its two day auction on September 17 and 18.

The firm has received instructions from Leeds City Council, Yorkshire Water and Grainger Plc, as well as Joint LPA Receivers, UK banks, Administrators, property companies and private investors. Guide prices start from nil reserve.

A major residential investment opportunity in Blackpool is among the highlights of the Manchester sale on September 17.

1A Simpson Street, within the South Shore area, is arranged as eleven self contained flats, producing annual rental income of £51,220. It is being offered at a guide price of £190,000 plus, a potential return of nearly 27%.

In Lancaster, a parcel of land close to the Lancaster Moor Hospital which is subject to an unauthorised occupation, has a declared nil reserve.

Other lots include a car wash investment in Liverpool, on the corner of Walton Park and Rice Lane, which produces income of £12,000 per annum. The guide price is £75,000 plus.

Meanwhile, a prominent former public house with an associated piece of land on the A62 Oldham Road in Failsworth which may suit redevelopment subject to planning, has a guide price of £75,000 plus.

Elsewhere, a part completed residential development in Radcliffe which comprises three terraced properties at varying degrees of conversion, is guided at £145,000.

The development has the potential to generate around £18,000 per annum when fully finished and tenanted.

In Anglesey the former Dublin Packet on Rhos Y Gaer Terrace, close to the centre of Holyhead has a guide price of £100,000 plus. It is being offered on the instructions of the Joint LPA Receivers.

The Leeds sale on September 18 includes a tenanted retail investment in the Harehills area of the city. The property on Harehills Lane is let to McColl’s at a passing rent of £25,000 per annum. The guide price is £350,000 plus.

The Askham Bryan water tower near York is one of a number of lots being offered on the instructions of Yorkshire Water. It is currently let to Vodafone and TV York, producing annual income of £12,482. The guide price is £20,000 to £25,000.

The former North Brook Service Station in Bradford has a guide price of £125,000 plus. The site at the corner of Canal Road and North Brook Street currently generates annual income of £16,500.

The Charles Roberts Office Park in Horbury, near Wakefield, which was last occupied by the Bombardier Factory before its closure in 2005, has a guide price of £250,000 plus.

The building extends to over 17,700 sq ft, of which nearly 7,500 sq ft is tenanted, producing income of £41,518 per annum.

Land on offer includes two sites in Burley in Wharfedale, near Ilkley.

The vacant amenity land on Leather Bank adjoins the Goit Waterway, off the River Wharfe. The lot also includes an additional plot let to Wharfedale Hydro Power at a passing rent of £10,884 per annum. The guide price is £125,000 to £150,000.

Tony Webber of Eddisons said: ‘The catalogue offers a wide range of buying opportunities for investors, developers and owner occupiers, with lots including residential and commercial investments, vacant buildings and land.’

The two day sale takes place on September 17 at the Premier Inn, Trafford Park, Manchester and on September 18 at Leeds United Football Club, Elland Road, Leeds. Both sales start at 12.30pm.

The full catalogue is available to view online by clicking here

 

Written by: Richard Roe on Thursday 29/08/2013

 

 

Property Auction Generates Over £8m

Property Auction Generates Over £8m

 

Eddisons sold 83 (79%) of the 105 lots at its recent three day sale in London, Manchester and Leeds generating proceeds of £8,352,511.

Highlights included an investment property in Kentish Town, let to supermarket giant Sainsbury’s, which achieved £1,840,000.

The property on Kentish Town Road in North London generates rental income of £90,000 per annum, showing a net initial yield of 4.62%, with approximately 8 years remaining on the lease. The advertised guide price was £1.5m to £1.6m.

Simon Bailey of Eddisons said: ‘There was significant interest in this lot, with some sizeable offers made in advance of the auction.

‘However we advised the client to proceed with the sale by auction and the price we achieved proved this was the correct strategy.’

Other lots which proved popular included a ‘hole in the wall’ cash point in Hatfield, Hertfordshire.

The ATM machine at Comet Square is let to Nationwide Building Society until 2018 at £11,909 per annum. The long leasehold interest (999 years) sold for £92,000, off a guide price of £50,000, following competitive bidding.

Elsewhere, Grove Villas, a former day care centre on Cardigan Road in Headingley, near Leeds, sold for £545,000. The guide price was £500,000 plus.

Also in Leeds, the former Pennington Place hostel which was offered on the instructions of Leeds City Council, sold for £335,000.

A property in Shipley town centre which is part let to sandwich chain Subway at £17,500 per annum, sold for £190,000.

Meanwhile, a former 19 bedroom residential care home in Rhyl sold for £125,000.

Development opportunities included a parcel of land in Brotherton, near Knottingley. The 0.6 acre site, which has full planning consent for 10 residential properties, sold for £150,000.

And in the Rishton area of Blackburn, a vacant plot of land with development potential sold for £17,500, more than three times the advertised guide.

Mr Bailey said: ‘Buyers came in big numbers and were clearly in the mood to invest.

‘The results underline the fact that regardless of the time of year, the right stock at the right price is a winning formula and is too good for investors to miss.’

 

Written by: Richard Roe on Wednesday 07/08/2013

 

 

119 Lots Set For Auction

119 Lots Set For Auction

 

Eddisons has attracted 119 lots for its next three day auction in London (July 25th), Manchester (July 30th) and Leeds (July 31st).

The London sale gets under way with a freehold public house in the village of Denford, near Kettering.

The Cock Inn is a Grade II listed building dating back to 1593, which is being offered with vacant possession at a guide price of £150,000.

Interest is sure to be high for a freehold retail investment on Kentish Town Road in North London, which is let to Sainsbury’s Supermarkets.

The property is held on a 10 year lease from 2011 by the retail giant, producing rental income of £90,000 per annum. The guide price is £1.5m to £1.6m.

A new retail and residential investment on the site of the former Gamecock Pub on Pudsey Road, near Bramley, is also in the London sale.

The development has already attracted high profile tenants including Subway, Greggs and Heron Foods, producing annual income of £78,000. This is set to rise to around £90,000 when the two flats to the upper floor are let. The guide price is £900 to 925,000.

Norton Mill, a period detached mill in Baldock, Hertfordshire, is also among the London lots.

The vacant mill, with outbuildings, occupies a site of about 1.26 acres and is described as providing a refurbishment or development opportunity, subject to consents.

The Manchester catalogue includes a former Chapel in Oswaldtwistle, near Accrington. The property on Melbourne Street is described as being in need of renovation and may suit alternative uses, subject to the necessary consents. The guide price is £25,000 plus.

Meanwhile, potential income of £30,000 is achievable from a mixed commercial and residential opportunity on Washway Road in Sale, which is guided at £220,000 plus.

Tenanted commercial stock includes College House in Barrow-in-Furness.

The property on Duke Street is currently let to a range of tenants, including the NHS, and produces £101,577 per annum. The guide price is £450,000 plus.

Elsewhere, a former residential care home on the outskirts of Rhyl town centre, with potential for alternative uses subject to planning, is guided at £130,000 plus.

Stock with declared nil reserves are a feature of the ever popular Leeds sale.

These include the site of the former Wombwell sewage pumping station in Wombwell, near Barnsley.

A nil reserve has also been set for the former Wansford No.1 sewage treatment works near Driffield. Both lots are being offered on the instructions of Yorkshire Water.

Other lots include Grove Villas, a detached former day care centre and offices on Cardigan Road, in the Headingley area of Leeds.

The vacant property extends to over 6,500 sq ft on a site of 0.54 acres, and may suit alternative uses subject to consents. It is being offered on the instructions of Leeds City Council at a guide price of £500,000 plus.

In Shipley, near Bradford, a property which is part-let to Subway is among the commercial investment highlights. It produces annual income of £17,500 and is guided at £190,000, a potential return of over 9%.

Development opportunities include land at School Croft in the rural village of Brotherton, near Knottingley. The 0.6 acre site has full planning consent for 10 houses. The guide price is £150,000 plus.

Among the residential stock is a portfolio of 17 vacant and tenanted properties, the majority of which are close to the A64 York Road in Harehills.

They are being offered on the instructions of the Joint Administrators, with guide prices starting from £30,000.

The sales take place at Le Meridien, 21 Piccadilly, London W1 on July 25th, The Premier Inn, Trafford Park, Manchester on July 30th and at Leeds United Football Club, Elland Road, Leeds on July 31st, all starting at 12.30pm.

The full catalogue is available to view by clicking here

 

Written by: Richard Roe on Thursday 11/07/2013

 

Eddisons In Head Office Move

Eddisons In Head Office Move

 

National firm of Chartered Surveyors Eddisons has relocated its Head Office to new premises in Leeds City Centre.

The firm has moved from Pennine House on Russell Street, its base for over 35 years, to Toronto Square which is located between Infirmary Street and Quebec Street.

They have agreed a 10 year lease for nearly 10,000 sq ft of the fourth floor.

Richard Roe, Managing Director of Eddisons said: ‘This is an important move, as part of the next phase of the company’s development.

‘The new premises provide an exciting and positive working environment, along with additional space, for our expanding head count.’

Eddisons vacated Pennine House following negotiations with BA Pension Fund, who have plans to redevelop the building for student accommodation.

CBRE and DTZ acted on behalf of property fund manager Highcross, owners of Toronto Square, a 90,000 sq ft BREAAM Excellent office building.

Highcross Associate Director, Iain Taylor commented: ‘Toronto Square’s convenient location in the heart of the city’s business district, high quality specification and strong environmental credentials, have been key factors in its appeal to major corporate occupiers.

‘Following this latest letting to Eddisons, the building will be more than 70% occupied.’

The interior fit-out and refurbishment was carried out by Leeds based Building Interiors.

Elsewhere, the firm’s London office, which has recently taken on eight new staff, is moving to larger premises in the City of London.

Meanwhile, the Bristol office has also completed a move to new offices within Bristol City Centre.

Eddisons was established in 1884 and employs a team of over 200 staff, working from 11 offices across the UK and Ireland.

They provide a range of services to banks, insolvency practitioners and owners and occupiers of commercial and residential property.

 

Written by: Richard Roe on Monday 08/07/2013

 

 

Eddisons To Market Prominent North Leeds Site

Eddisons To Market Prominent North Leeds Site

 

The Leeds office of Chartered Surveyors Eddisons has been appointed to market a prominent site in North Leeds.

The site on Sandhill Lane, off the main A61 Harrogate Road in Moortown, extends to 0.4 acres and includes a three storey office building, with a floor space of around 8,000 sq ft.

For the last 15 years it has been used by the Leeds Jewish Education Authority (LJEA) and The Zone Youth Centre, who are relocating to the Brodetsky School site in Alwoodley.

The LJEA is over 100 years old and the monies released from the sale will enable them to continue and modernise their focus of supplying quality Jewish education to all community members, irrespective of financial circumstances.

Stephen Harrison, Associate Director of Eddisons said: ‘This is a prominent site in an affluent suburb of North Leeds and could be suitable for a variety of uses, subject to planning.

‘The surrounding area is predominantly residential, with a mixture of retail premises including Marks and Spencer, Waitrose and Sainsbury’s close by.’

The asking price is available on application.

 

Written by: Richard Roe on Saturday 06/07/2013

 

 

June Auction Details Announced

June Auction Details Announced

 

Eddisons has announced details of its next two day property auction which takes place in Manchester on June 25th and Leeds on June 27th.

Manchester lots include a mixed tenanted light industrial, with ground rent, investment in Warrington which produces income of £26,032 per annum.

The site on Knutsford Road has a guide price of £200,000 plus, a potential return of 13%.

Elsewhere, a tenanted retail property on Palatine Road, close to the prosperous town of Didsbury, comprising the Lotus restaurant, is guided at £85,000 plus. The annual rental income is £7,800.

A vacant parcel of land on New Mount Street, close to Manchester city centre, which is currently used as a car park producing income of £23,000 per annum, has a guide price of £150,000 plus.

Residential stock includes a portfolio of 13 properties in Accrington which have guide prices from £30,000.

Leeds highlights include a vacant Scarborough hotel and a former petrol station.

The Chatsworth Hotel is located close to Peasholm Park and enjoys an elevated position overlooking the North Bay, in the popular seaside resort.
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The 21 bedroom property is currently vacant and is being offered on the instructions of the joint LPA Receivers at a guide price of £115 to 125,000.

Meanwhile, the Rodley/Oaklands Service Station on the Leeds outer ring road, between Pudsey and Horsforth, currently used as a hand car wash producing rental income of £10,400 per annum, is guided at £150 to £175,000.

In Batley, a fully let property incorporating an Indian restaurant, has a guide of £195,000 plus.

The Saffron Restaurant occupies the ground floor of the property on Bradford Road, which also includes five self-contained flats. The current annual rental income is £24,976, a potential return of nearly 13%.

On Grattan Road in Bradford, a portfolio of five tenanted apartments generating £18,780 per annum has a guide of £180,000 plus.

Leisure investments include Boogie Nights and Back to the Nineties bar and nightclub in Chesterfield town centre. The property generates annual rental income of £20,000 and is guided at £180,000 plus.

A tenanted apartment in the popular town of Ilkley is among a range of residential opportunities.

The second floor apartment at Nesham House, within the sought after Grove Road area, produces rental income of £695pcm and is being offered at a guide price of £120 to 130,000 plus.

In total Eddisons has attracted 98 lots for its next two day sale which takes place on June 25th at the Premier Inn, Trafford Park, Manchester and on June 27th at Leeds United Football Club, Elland Road, Leeds. Both sales start at 12.30pm.

The full catalogue is available to view by clicking here

 

Written by: Richard Roe on Thursday 13/06/2013

 

 

The Energy Act – Implications For Landlords

The Energy Act – Implications For Landlords

 

It is already well documented that the changes to the Energy Act 2011 will make it unlawful to let buildings with EPC Grades F and G from April 2018, but what should landlords be considering now?

Background

Under the powers of the Act, we expect the Regulation to be introduced to prevent Landlords letting a building which has an EPC Rating of F or G until it has complied with the obligations to make relevant energy improvements to secure a rating of E or above. One way of demonstrating compliance will be to undertake energy improvements under an approved scheme such as the Green Deal.

The Issue

What nobody has considered to date though is the tenancies currently being entered into for 5 years or more which could result in a property being returned to a landlord with an EPC Rating worse than when initially Let.

Whilst it is now standard for commercial leases to include repair, reinstatement, redecoration and statutory compliance obligations, none contain Energy Efficiency Requirements. Therefore a landlord can unwittingly lease a property to a tenant who may repair or alter the property in accordance with the lease but actually worsen the EPC Rating, for example by installing additional or different light fittings or using different non-energy efficient materials for repair.

Solution

The preferred solution is for the landlord to give early consideration to the Energy Efficiency of a building and commence repairs prior to the tenant entering into the lease. Failing this and where a tenant wants to enter the building as soon as possible then we would recommend that the landlord consider the inclusion of a standard clause within the lease requiring the property to be returned with the same EPC Rating as at the outset of the Lease.

How Eddisons Can Assist

Our Commercial Property Management and Building & Project Consultancy teams are perfectly placed to review any proposed alterations by tenants to properties and ensure these are compliant with the lease and do not worsen the Energy Efficiency.

Our Building & Project Consultancy team are able to provide pre-lease advice to a landlord, in conjunction with their legal advisors, against pitfalls in repairing liabilities in order to ensure landlords are fully protected against the requirements of the Energy Bill.

For more information on how we can assist, please contact David Wood on 0161 831 9444 or email [email protected]

 

Written by: Richard Roe on Monday 10/06/2013

 

 

Property Auction Generates £8m

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.

 

Written by: Richard Roe on Monday 03/06/2013

 

 

Eddisons Critical Of Rates Revaluation Delay

Eddisons Critical Of Rates Revaluation Delay

 

The Government’s decision to postpone the next business rates revaluation from 2015 until 2017 has been criticised by a leading rating expert.

Rod Edwards, Rating Director at national firm of Chartered Surveyors Eddisons said the decision, now passed as an Act of Parliament within the Growth and Infrastructure Bill, was bad news for business.

‘This is a badly thought out move by Government, which will prevent any hope of rateable value realignment which ratepayers so desperately need. At the moment they are based on rents in 2008, when the market was at its peak.

‘With a 2.7% increase for rates bills confirmed from 1st April this year, the business rates burden will only continue to hit bottom line costs.’

The delay means that business rates liabilities will continue to increase in line with RPI through until the 2016/2017 rate year.

The effect of the decision could be felt hardest in areas such as Yorkshire where businesses have seen rents fall, but are still being charged business rates set prior to the recession.

Mr Edwards went on to say that there was also a lack of clarity on the appeal regulations going forward, which the Government needs to address.

‘Under the current rating appeal legislation it would be possible to lodge an appeal against a 1st April 2010 rateable value, up until 31st March 2015.

‘The two year postponement could mean that current ratepayers would not be able to lodge a valid compiled list appeal between 1st April 2015 and 31st March 2017, which could potentially lead to savings back to 1st April 2010.’

 

Written by: Richard Roe on Wednesday 08/05/2013

 

 

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Eddisons Launches First Combined National Auction

 

Eddisons is offering 115 lots at its first combined national property auction which takes place over 3 days in Manchester (May 21st), Leeds (May 23rd) and London (May 28th).

The catalogue provides plenty of choice for buyers in all asset classes, with commercial and residential investments, vacant commercial and residential buildings and land throughout the country all well represented.

Tony Webber of Eddisons said: ‘This is our inaugural combined national property auction and now makes all the lots we are selling more visible to buyers nationwide, as well as giving our clients a truly national marketing platform.’

The Manchester sale includes a part tenanted mixed commercial and residential opportunity in the Burnage area of the city producing rental income of £11,160, which has a guide price of £160,000 plus.

Elsewhere, a vacant parcel of land at Fereday Street in Worsley, with lapsed planning consent for 28 apartments, is guided at between £140 and 150,000.

Meanwhile, buyers in Leeds could be attracted to a major retail investment opportunity in the Whitkirk area of the city.

Tenants include Co-operative Funeral Services, an angling store and a carpet retailer, producing annual rental income of £53,650. The guide price is £550,000 plus.

There are also a number of former British Legion premises across the north of England being offered by the organisation’s trustees, with guide prices from £20,000.

Residential stock includes the former caretakers’ bungalow at Bramhope Primary School.

The vacant three bedroom property on Tredgold Crescent in the popular village on the outskirts of Leeds is being offered on the instructions of Leeds City Council at a guide price of £150,000 plus.

The London leg of the sale includes 10 parcels of land in prime locations throughout the country, on behalf of JCDecaux.

Among the portfolio is a 0.25 acre site in the London suburb of Raynes Park, which is guided at £750,000 plus, and may have development potential, subject to planning.

Rental income of £69,000 per annum is achievable from a tenanted property in Southall, Middlesex. The entire ground floor is let to Tote Bookmakers (trading as BETFRED), with residential accommodation to the upper floors. The guide price is £925,000.

The full catalogue is available to view by clicking here.

 

Written by: Richard Roe on Thursday 02/05/2013