Eddisons sees investors piling in

Auctioneer Eddisons sold 30 out of 40 lots offered at its latest Manchester sale, generating £2.4m.

Among the star lots at the sale on 30 October was a portfolio of terraced houses in Blackburn sold for £386,000 off a guide of £250,000. The vacant properties are currently configured as four self-contained apartments and a former care home. They may suit conversion to individual homes or student accommodation, subject to planning.

A retail property in Denton, let to Thomas Cook Travel at an annual rent of £26,250, sold for £231,000. The guide price was £200,000.

In Burnley, the former Circulation Club, offered on the instructions of the LPA receivers at a guide of £30,000, sold for £84,000. The vacant fire damaged property has planning permission for a ground floor retail unit, with four floors of student accommodation above.

Elsewhere, a vacant industrial unit on Holmes Street in Rochdale, extending to around 4,300 sq ft, sold for £131,000 off a guide price of £40,000.

Andrew Brown of Eddisons said: "There was strong demand for higher priced property offering good value for money, which contributed to the excellent overall performance.
"Investors clearly had cash to spend and were particularly attracted to vacant property with long-term potential and tenanted stock giving reasonable returns."

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