Eddisons - General - UK Wide

Date: 19 Jun 2009

The recent Eddisons Property Auction raised total proceeds of just over £4m.

In total 63 lots were offered at the Leeds sale with 49 (77%) attracting buyers which included 14 lots sold prior.

Tony Webber of Eddisons said: 'Although the percentage of lots sold was reasonably high there was further evidence that funding remains the single biggest problem prospective buyers are encountering. The lower priced lots which needed little or no external funding were certainly in most demand.

'By contrast a significant investment opportunity in Bradford which has an annual passing rent of over £27,000 had received considerable interest prior to the auction but attracted just one bidder. The property only achieved its reserve of £320,000 which we had expected to be comfortably exceeded.'

Highlights of the sale included two significant ground rent opportunities in Bradford.

Broadgate House has a current passing rent of £13,800 per annum and sold for £222,000 off a guide price of £190,000 plus.

Meanwhile, Stonegate House which enjoys a current passing rent of £10,050 sold for £171,000 off a guide price of £140,000 plus.

A former Lock Keeper's house in the Stourton area of Leeds with frontage to the Aire and Calder Navigation River sold for £100,000 off a guide price of £45,000 plus despite being in need of renovation.

Also in Leeds two vacant four bedroom mid through terraced houses on Roseville Road were sold on behalf of Leeds City Council for £75,000 and £73,000 off guide prices of £35,000 plus.

The next Eddisons Property Auction takes place in Leeds on July 23.

Broadgate House. Manor Row, Bradford

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