The 7.3-hectare former paper mill site in Barrow was up for sale through Erinaceous Auctions at a top London hotel on Friday with a guide price of £2.75m.

It had earlier been advertised at £2.25m. But despite reaching a bid of £2.8m, the auctioneer pulled it out of the sale at Le Meridien, Piccadilly.

There was a reserve price but Erinaceous said it was “confidential information”.

Of the £2.8m bid, the auctioneer said: “It’s a little bit way off where we need to be.”

Afterwards he urged two bidders to have a “conversation” with agent Simon Bailey about the site. Since then, the auctioneer’s website has been updated and it is now offering Salthouse Mills for £3m.

The site produces an income of £8,801 per year through rent, according to Erinaceous — that is 0.3 per cent of a possible £3m investment.

When selling the site, the auctioneer said his company’s “marketing” had led to the site going up in price.

Share This Article by Email or Social Web

Posted: 04|3|07 at 4:45 pm. Filed under: UK News.