The property on the corner of Gladstone Street and South Street which is currently let to Martin McColl Ltd on an unbroken lease for 20 years from 2014 sold for £370,000, off a guide of £360,000 plus. The annual passing rent is £25,000 per annum, a gross yield of 6.76%.
Tony Webber of auctioneer Eddisons said:
’There was plenty of interest in this lot reflecting the strong returns which are achievable from a blue chip tenant."
Meanwhile, the former police station on Warrington Road in Wigan sold for £110,000, off a guide of £100,000 plus.
Elsewhere, a vacant commercial unit in Widnes with flat above, guided at £60,000 plus, sold for £83,000.
Residential highlights included a tenanted property on Bagot Street in Liverpool, currently generating £24,700 per annum which sold for £220,000, a gross return of over 11%.
In total Eddisons sold 70 (70%) of the 100 lots offered at its latest two day sale in Manchester and Leeds, generating proceeds in excess of £7.3 million. The Manchester sale contributed over £3.5 million.
Mr Webber concluded by saying:
‘This was another strong performance and continues the upward trend we witnessed in the final quarter of 2013 and at the start of this year. Investors once again turned out in large numbers and there was competitive bidding for both residential and commercial stock, which helped drive prices up.’
