Eddisons’ auction raises £3.7m
INVESTORS looking for bargain residential stock generated £3.7m at a recent Manchester auction.
The sale held by Eddisons in Old Trafford last month saw 60 of the 81 lots selling on the day of the auction itself, raising over £2.6m.
Among the lots sold were a terraced house in Gorton for a price of £43,000 providing rental income of £5,460, offering a return of over 12/6%.
In Lancaster, a ground floor shop on Greaves Road with two tenanted flats above sold for £86,000, which was almost double its £45,000 guide price.
Andrew Brown of Eddisons said: “Tenanted residential properties, many of which offered returns of around 10%, were in particularly high demand.”
The firm’s last sale of the year takes place on December 6 at the Premier Inn at Old Trafford.
