Minerva House

Eddisons’ July auction reaches £2.5m

Auctioneer Eddisons raised £2.5m selling 70% of lots offered at its recent Manchester auction.

Highlights included the sale for £250,000 of Minerva House, a vacant office building of 33,190 sq ft and industrial unit of 4,555 sq ft on Pendlebury Road in Swinton.

A high-yielding retail and residential investment in the centre of Blackpool was bought for £195,000. The property on Church Street, which contains a retail unit with three self contained flats to the upper floors and a further house to the rear, generates annual income of £39,250, a return of over 20%.

In Lytham St Annes, a fully let property comprising a ground floor retail unit and a five-bedroom apartment above, generating annual income of £15,400, sold for the guide price of £150,000.

Residential stock included a vacant one-bedroom apartment in a recently converted wool mill in Dobcross, near Oldham, which sold for £77,500 off a guide price of £55,000.

Among the tenanted stock was a terraced house on Finchley Road in Blackpool which sold for £83,500. The property is arranged as two flats and produces annual income of £13,043, a return of over 15%.

Andrew Brown of Eddisons said: "There was strong demand across all categories, with commercial stock proving particularly popular.

"Bidding was brisk as buyers looked to take advantage of the realistic pricing."

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