Leeds property news: Investors’ rental swoop

At Eddisons most recent auction, investors favoured properties which will give them a sizeable return in rental income.

At Eddisons most recent auction, investors favoured properties which will give them a sizeable return in rental income.

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Buyers at the recent Eddisons auction at Elland Road Stadium were keen to snap up investment properties across Leeds.

These included New York Studios, on New York Road, off the A64. The former St Patricks Presbytery which is arranged as 15 flats, producing approximately £65,000 per annum sold for £512,000. The guide price was £425,000.

Other highlights included a fully let property on Vesper Road, off Spen Lane, which sold for £100,000 more than the advertised guide.

The semi-detached house is arranged as three self-contained flats producing annual income of around £21,500 and achieved £290,000. It had been guided at £190,000.

Demand was also high for a fully let property on Sandhurst Road in Harehills, producing £15,660 per annum. Guided at £55,000 to £65,000, the hammer fell at £80,000.

It was a similar story for a fully let property on Linden Road in Beeston. The property produces annual income of £15,000 and sold for £84,000. The guide was £55,000 to £60,000.

Tony Webber director and auctioneer at Eddisons said: “The demand for tenanted stock is further evidence that investors are favouring property over more traditional forms of investments, which continue to offer minimal returns.”

Meanwhile, a vacant stone built office and studio premises in Headingley also proved popular, selling for £288,000 off a guide of £200,000. The site on St Ann’s Lane may suit potential redevelopment subject to planning consents.

Elsewhere a vacant three bedroom detached house in Morley was sold on behalf of Leeds City Council for £152,250. Eddisons’ next auction will be on Thursday, October 23.

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