Date
Sector
Investment

February Property Auction Generates £8.2m

 

Eddisons reported that 112 (69%) of the 162 lots offered at their recent two day property auction in Leeds and Manchester sold, generating proceeds of over £8.2m.

Tony Webber of Eddisons said: ‘This was a very strong performance to start our auction year.

‘Although the market remains price sensitive, there was a definite mood of quiet confidence among buyers who clearly came with cash to invest or external funding in place, which meant many lots generated multiple interest.’

Among the successful lots was the former Broad Lane Library in Bramley, near Leeds which sold for £181,000 off a guide price of £50,000 plus.

A former water tower at Spacey Houses near Harrogate which was offered with planning consent for conversion to a four bedroom house sold for £202,000 off a guide price of £110,000 plus.

Meanwhile a tenanted nightclub in Doncaster which generates annual rent of £55,000 sold for £310,000 off a guide price of £300,000 plus, a return of 17.7%.

Elsewhere, The Elms Hotel in Llandudno achieved the guide price of £250,000.

There was strong demand for development land, including a building plot in Birkenshaw near Bradford offered with planning consent for a five/six bedroom detached house, which sold for £146,000 off a guide price of £70,000 plus.

And in Burnley, the site of the former Whittams Mill was sold for £110,000 off a guide price of £90,000 plus.

 

Written by: Richard Roe on Wednesday 29/02/2012