Date
Sector
Investment

Eddisons in Successful Sale of National Grid Portfolio

 

National firm of Chartered Surveyors Eddisons sold a full portfolio of assets on behalf of National Grid plc at its recent London auction.

The ten lots included residential, development land and vacant commercial buildings.

Among the highlights was a former gas works depot in Welford-on-Avon in Warwickshire, which sold for over five times the upper end of its guide price.

The 5.73 acre site, which had been offered with vacant possession at a guide of £50,000 to £75,000, sold for £380,000.

Meanwhile, a vacant former social club premises in Cheltenham, Gloucestershire, sold for £250,000 off a guide of £75,000 to £100,000.

Simon Bailey, Director and Auctioneer at Eddisons said: ‘It is some time since National Grid plc has used the auction room to dispose of surplus assets, so we are delighted to have achieved such a favourable result on their behalf.’

In total Eddisons sold 16 (85%) of the 19 lots offered at its London sale which generated proceeds of over £2.6m.

The sale at the Crowne Plaza, 19 New Bridge Street, London was the first day of a three day sale which includes dates in Leeds (October 24) and Manchester (October 29).

The next London sale takes place on December 10 and closes for entries on November 1.

 

Written by: Richard Roe on Wednesday 23/10/2013