Auctions latest: Eddisons raises £7.3m; Suttons completes £6.5m sale

EDDISONS raised £7.3m at its recent two-day auction in Manchester and Leeds.

Among the properties sold was a high-yielding retail investment in Bacup.

The property on the corner of Gladstone Street and South Street, which is currently let to Martin McColl on a 20-year lease, sold for £370,000 off a guide of £360,000 plus.

The annual passing rent is £25,000 per annum, a gross yield of 6.76%.

Tony Webber of auctioneer Eddisons said: “There was plenty of interest in this lot reflecting the strong returns which are achievable from a blue chip tenant.”

Meanwhile, the former police station on Warrington Road in Wigan sold for £110,000, off a guide of £100,000. Elsewhere, a vacant commercial unit in Widnes with flat above sold for £83,000 from a guide price of £63,000.

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AUCTIONEER Sutton Kersh sold 103 of the 119 lots offered at its April property auction, generating around £6.5m.

Amongst the highlights were a Sefton Park property which sold for £196,000 off a guide of £140,000 plus, and a vacant industrial building on Kempston Street in Liverpool which sold for £62,500 from a guide of £25,000 to £35,000.

Auction manager Cathy Holt said: “The amount of pre-sale activity suggested it would be a successful auction, and we were not disappointed. Our regular investors were out in force, as were a number of new faces, which is a very positive sign.

“There was an appetite for stock in all categories with many lots attracting multiple bids, driving prices well beyond the advertised guides.”

Sutton Kersh is now inviting instructions for its next sale which takes place on 4 June. The catalogue closes on 9 May.