Leeds property news: Copper Lamp cafe rubs investors up the right way

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A well established café in Armley rubbed investors up the right way when it went under the hammer at Eddisons’ latest auction at Elland Road Stadium.

The Copper Lamp café on Town Street which was built in 1984 currently produces annual rent of £10,000. The hammer finally fell at £151,500, well in excess of the guide price of between £110,000 and £120,000. Also in Armley a vacant two bedroom detached bungalow which requires complete renovation and modernisation sold for £101,000. The guide price was £80,000 to £100,000.

In nearby Kirkstall a vacant four bedroom semi which had been offered on the instructions of a deceased estate at a guide of £95,000 to £100,000, achieved £130,000.

Elsewhere, a vacant three storey former office premises in the centre of Batley sold for £80,000, close to double the guide of £45,000 plus.

Meanwhile, a freehold office investment on Roundhay Road went for £550,000 when it was offered at the London leg of the three day sale. Bank House is let to a charity until 2019 and produces rental income of £60,000 per annum.

In total Eddisons sold 52 lots at its three day sale in Leeds, Manchester and London, which generated total proceeds of over £5,000,000.

The firm is now preparing for its last round of auctions of the year. This includes dates in London (December 4) and Manchester (December 9), with the curtain finally coming down on the 2014 programme in Leeds on December 11.

Tony Webber, director and Auctioneer at Eddisons said: “This really is the last chance for vendors who are looking for a quick property sale. We are closing the catalogue on November 3 so it is important they get in touch as soon as possible.”

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