A PROPERTY auction has generated proceeds totalling more than £5.3m.
Sixty-six out of 90 lots offered were sold at the two-day sale held by Eddisons in Leeds and Manchester.
Eddisons reported strong interest in good quality commercial and tenanted residential stock at the event – which provides encouragement for a revival in the wider property market.
Tony Webber, of Eddisons, said: “Buyers were attracted to sensibly-priced tenanted residential stock which could be funded without the reliance on external finance.
“It is clear these remain a popular investment vehicle for investors looking for medium to longer-term returns.
“On the other hand, with difficult lending conditions prevailing, buyers are reluctant to speculate on lower quality commercial stock.”
Among the highlights was a freehold development site in Lincoln, which sold for £295,000 off a guide price of £195,000 plus.
The site on Carline Road was offered on the instructions of the joint LPA receivers and has planning consent for residential development.
Mr Webber said: “The interest that this lot created suggests development land may be starting to find favour among buyers once again.”
A retail property on Abbeydale Road, Sheffield – with four years remaining on a 25-year lease to Pizza Hut (UK) Ltd at an annual passing rent of £12,500 – sold for £169,000.
The next Eddisons auction takes place at noon on June 17 at Leeds United Football Club, Elland Road, Leeds.
