Graham Penny Auctions, the most successful auction house in the East Midlands, has just handed over the keys – and a bouquet of flowers – to the 1,000th sale in its Nottingham auction room, at the end of last month.

The milestone property at 8 Princes Street in Mansfield is a three bedroomed double fronted detached house requiring complete upgrading and modernisation which was perfect for successful bidder Bernadette Szabo to work on: “I love big challenges – and this is certainly a big one!” Mrs Szabo explained.

“The house hasn’t been lived in for over 20 years. It has no heating, no kitchen and no bathroom so I’ve got quite a large project to work on but that’s exactly what I wanted. I plan to work on the property for the next three months and then I will take a look at the market and decide whether to rent or sell it.”

Mrs Szabo purchased the property under the hammer for £77,000 at the last Graham Penny Auctions Nottingham sale on Tuesday 22nd March where more than 20 other lots were also sold raising £2.4m.

Vejay Pal, senior valuer at Graham Penny Auctions, commented: “The house on Princes Street is an ideal example of what can sell well in the auction room – and to be our 1,000th Nottingham sale makes it even more perfect.

“Properties which require renovation work are ideal for selling under the hammer. The buyers we attract to our auction room know they may need to carry out work on the property and they prepare and budget for that when bidding.”

Graham Penny Auctions’ next Nottingham auction is on Thursday 5th May at the Nottingham Belfry Hotel, a special investor auction held in conjunction with the East Midlands Landlords Expo. The event is set to attract over a thousand landlords and investors ready to raise their bidding card for the 39 lots filling the property catalogue.

Mrs Szabo added: “I had done my research prior to the auction; I’d read the legal pack and viewed the property so I knew how much work was involved and I’d budgeted accordingly. Since completing on the property I’ve had a surveyor round who agreed with my costs so now I’m getting stuck into my new project.”

The property on Princes Street in Mansfield is an individual double-fronted two storey detached three bedroomed house in poor condition and requiring complete upgrading and modernisation. The property is situated on a generous plot with ample potential for off-road parking and makes for an ideal opportunity for a builder seeking a refurbishment project, subject to planning.