Eddisons hosts record-breaking sale

AUCTIONEER Eddisons’ most recent Manchester property auction broke records after generating £6.7m in proceeds.

The firm said that 83 of 117 lots sold (77%), with one of the biggest being a property at 396-398 Cheetham Hill Road in north Manchester which solfd for £400,000 – more than double its guide price of £160,000-plus.

The property contains three tenanted ground floor retail units with offices above. Another tenanted property on the same road with flats above a retail unit sold for £181,000.

Andrew Brown of Leeds-based autioneers Eddisons, said: “In terms of total proceeds this is the best sale we have ever held.

“The sale room was packed to the rafters with around 400 people. We had people queuing out of the door.”

Eddisons said that auctions are becoming busier as vendors are pricing units more realistically.

Mr Brown said: “Buyers are generally looking for rental returns of around the 10% mark or stock which has the potential to deliver longer tem capital growth once the market starts to recover.       

“Also, with borrowing still difficult to arrange, buyers favour lots which can be bought from existing funds.”  

Other lots which performed well included a freehold residential property in Rochdale comprising of eight apartments which sold for £286,000 off a guide price of £190,000 plus.

The property currently generates annual income of £19,000 with the potential for this to increase to in excess of £31,000 when fully let.

Meanwhile, the former public toilet in Eccles (left) which had planning approval for a taxi base was sold for £44,000 off a guide price of £30,000.

Eddisons’ next Manchester auctions takes place in Trafford Park on July 20.