Prime investment properties help raise more than £2.6 million at Nottingham auction

A range of prime investment properties caught the eyes of keen bidders at SDL Auctions Graham Penny’s Nottingham auction at Nottingham Racecourse, raising a total of more than £2.6 million.

The first lot attracted one of the best prices, with the hammer coming down at £127,000 for a detached, two bedroomed bungalow which needed full modernisation at 21 Freda Avenue in Gedling. It had a *guide price of £45,000+.

Another impressive price was gained for the second lot, a two bedroomed, mid-terraced house also in need of improvement works at 31 Knighton Street, in North Wingfield, Chesterfield, which sold for £72,000 from a guide price of £30,000+.

Andrew Parker, managing director and auctioneer at SDL Auctions Graham Penny, said: “These properties were great examples of prices that can be produced for houses that are in poor repair but in good locations, as they make excellent purchases for builders and investors.”

Other potential investment properties that sold well included a two bedroomed, Victorian terraced house at 30 Port Arthur Road in Sneinton, previously let at £475 per calendar month. This sold for £77,500 from a guide price of £55,000+.

A three bedroomed, mid-terraced house at 16 York Street in Sutton-in-Ashfield sold for £54,000 from a guide price of £45,000+ and a nearby three-storey, three bedroomed terraced property at 24 Silk Street achieved £59,000 from a guide price of £54,000+.

On the coast near Skegness, a two bedroomed detached bungalow at 2 Cannings Chalets, off Sea Bank Road in Chapel St. Leonards, sold for £65,000 from a guide price of £63,000+.

Several fixer-upper family homes attracted keen bidding, including a semi-detached house with two double bedrooms and a box room at 186 Nottingham Road in Eastwood, selling for £106,500 from a guide price of £79,000+ and an extended three bedroomed, end-terraced property in need of upgrading at 46 Diamond Avenue in Kirkby-in-Ashfield, which sold for £133,000 from a guide price of £122,000+.

A four bedroomed house at 37 Birrell Road in Forest Fields, which until recently was achieving total rent of nearly £19,000 per annum, sold for £115,000 from a guide price of £110,000+.

Mr Parker added: “There was strong bidding from buyers at our Nottingham auction who were clearly keen on some great investments and this resulted in a number of very good results for our vendors.

“This once again demonstrates that the East Midlands is bucking national property trends with steadily rising prices and plenty of market interest.”