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Scotland's largest auction

Wednesday, May 27, 2009

Source: Catherine Deshayes

In one of the largest property auctions in Scotland's capital that it has ever seen, house hunters are preparing themselves for potential bargains as around £1 million worth of property goes up for sale, according to an article on the Scotsman website...

The Lothian property going under the hammer is the result of the Co-operative Group's merger with the Lothian, Borders & Angus Co-operative Society. The group is now looking for a swift sale on 15 properties across the region that it no longer requires.

The auction is to take place today, Wednesday 27^th May, at the Marriott Hotel on Glasgow Road. A number of the properties up for sale will keep the existing tenants, who are former employees of the group and have a ‘life rent' contract that allows them to remain.

Sean Vigers, the Auctioneer and Director of SVA Property Auctions, said, "The most recent one we've had of this size in Edinburgh was about nine years ago, when we offered a range of properties for East of Scotland Water. Current market conditions will affect what we expect but there is a lot of interest in this sale because some of these have never been on the market - they've been owned by the Co-op since year dot.

"Most are well looked-after and in good condition. It's not like a repossession sale. I expect that to mean some keen bidding."

Craig Watson, an Associate Director at property firm Jones Lang LaSalle, said, "The great thing about auctions for us and our clients is that they are transparent and are a quick way of concluding a transaction."

Source: www.hotproperty.co.uk