Tuesday, September 30, 2023
Eddisons Northern Property Auction attracts Leeds investors
The residential sector was once again the stronger performer at the recent Northern Property Auction held in Leeds by leading property auctioneers Eddisons.
Of the 39 residential lots offered 24 (62%) were successfully sold, which included those sold both prior to and after the auction, achieving total sales of £3.3 million.
One lot which attracted significant interest was Fearnville House on Dibb Lane Rounday, Leeds which sold on the instructions of Leeds City Council for £228,000 off a guide price of £50,000 plus. The Grade II listed detached property is currently arranged as 5 apartments in grounds of approximately 0.96 acres but suffers from dry rot infestation and requires complete renovation.
The commercial category performed less well with 23 (59%) of the 39 lots offered attracting buyers, which achieved total sales of £3.6 million.
One bright spot was land, farmhouse and outbuildings set in 28.34 acres adjacent to junction 30 of the M62 motorway where the hammer fell at £506,000 against a guide price of £500,000 plus.
Tony Webber, Eddisons Auctioneer said: 'The pattern of recent auctions has continued with buyers responding favourably to the more realistic pricing and revised seller expectations of residential lots which are clearly seen as offering good value for money. On the other hand the commercial sector remains subdued and seems to be taking the brunt of the current economic uncertainty due to highly restrictive bank lending.'
Other successful lots included:
A former farm property in Meanwood, Leeds extending to 0.75 acres with the potential to create 5 dwellings was sold for £159,000 on the instructions of Leeds City Council.
A vacant parcel of land extending to 0.41 acres on the site of the former Church of England School in Pool in Wharfedale sold for £100,000 off a guide price of £55,000 plus.
11 mixed commercial/residential units in Nottingham were sold as a portfolio for £1.3 million prior to the auction.
A parcel of residential land on Toftshaw Lane, Bradford which was offered with planning permission for the construction of 12 three storey town houses sold for £450,000.
The former park keeper's cottage set within the New Wortley Recreation Ground, Leeds was sold on the instructions of Leeds City Council for £96,000.
Of the 39 residential lots offered 24 (62%) were successfully sold, which included those sold both prior to and after the auction, achieving total sales of £3.3 million.
One lot which attracted significant interest was Fearnville House on Dibb Lane Rounday, Leeds which sold on the instructions of Leeds City Council for £228,000 off a guide price of £50,000 plus. The Grade II listed detached property is currently arranged as 5 apartments in grounds of approximately 0.96 acres but suffers from dry rot infestation and requires complete renovation.
The commercial category performed less well with 23 (59%) of the 39 lots offered attracting buyers, which achieved total sales of £3.6 million.
One bright spot was land, farmhouse and outbuildings set in 28.34 acres adjacent to junction 30 of the M62 motorway where the hammer fell at £506,000 against a guide price of £500,000 plus.
Tony Webber, Eddisons Auctioneer said: 'The pattern of recent auctions has continued with buyers responding favourably to the more realistic pricing and revised seller expectations of residential lots which are clearly seen as offering good value for money. On the other hand the commercial sector remains subdued and seems to be taking the brunt of the current economic uncertainty due to highly restrictive bank lending.'
Other successful lots included:
A former farm property in Meanwood, Leeds extending to 0.75 acres with the potential to create 5 dwellings was sold for £159,000 on the instructions of Leeds City Council.
A vacant parcel of land extending to 0.41 acres on the site of the former Church of England School in Pool in Wharfedale sold for £100,000 off a guide price of £55,000 plus.
11 mixed commercial/residential units in Nottingham were sold as a portfolio for £1.3 million prior to the auction.
A parcel of residential land on Toftshaw Lane, Bradford which was offered with planning permission for the construction of 12 three storey town houses sold for £450,000.
The former park keeper's cottage set within the New Wortley Recreation Ground, Leeds was sold on the instructions of Leeds City Council for £96,000.
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