29th May 2019
Exciting development opportunities in Nottingham property auction
A former deli, a dance supplies shop and an imposing art deco tower are among the commercial and development opportunities to feature in SDL Auctions Graham Penny’s latest auction catalogue.
The properties are among 31 lots due to be sold by the biggest auctioneer in the East Midlands at Nottingham Racecourse on Thursday 6 June and commercial valuer Nick Trow is excited by what’s on offer.
He said: “We have a great variety of lots going under the hammer and some particularly interesting development opportunities, including a fantastic and iconic tower in Newark with planning permission for a number of apartments.”
Known locally as the Water Tower, the well-known landmark in Goldstraw Lane, Fernwood, near Newark, was actually built as a chimney for the Balderton Hospital and is the only surviving section of the building. Full planning permission has now been granted for 13 apartments on the site, including two in the tower itself. It has a *guide price of £130,000+.
A modern office building in Mansfield with a guide price of £185,000+ offers another development opportunity, subject to planning permission. The two lower floors of 2 St Peters Court, Station Street are currently let to an employment consultancy business, while the top floor is vacant and suitable for letting to another commercial tenant or for the buyer to occupy themselves.
However, the style and location of the building make it ideal for residential use, according to Nick.
“While this property offers high quality office accommodation, which makes it an excellent commercial investment, the attractive design of the property would lend itself well to conversion to apartments, subject to obtaining the usual planning consents. It sits in the heart of Mansfield town centre, just a few minutes’ walk from the bus station and railway station, so its location is perfect.”
147 Trent Boulevard, West Bridgford also has the potential to be reconfigured as apartments, subject to planning permission. The three-storey office building is currently let to a Housing Association at £21,000 per year on a five-year lease from February 2017 but previously housed four self-contained apartments. It has a guide price of £180,000+.
A further commercial property could be converted to mixed-use. The two-storey mid-terraced 7 Beighton Street, Sutton-in-Ashfield, with an attractive guide price of £46,000+, comprises a ground floor workshop/trade counter space with office accommodation on the first floor, which could be suitable for conversion to an apartment, with the necessary planning permission.
Meanwhile, in a village just outside Sutton-in-Ashfield, a former deli at 32 High Street, Stanton Hill, already has a two bedroomed apartment on the upper two floors, as well as the potential to create a further one bedroomed apartment in an outbuilding, subject to permission. The three-storey building comprises a retail space with a kitchen/preparation area and store area on the ground floor and has a guide price of £73,000+.
For investors who just want a commercial property, a former dance supplies shop at 8 Station Road, Ilkeston, offers the chance to purchase the ground floor space plus a separate store room and WC. There is a shared outdoor yard/loading area at the rear. The property is leasehold and has a guide price of £55,000+.
In addition to the lots being sold at Nottingham Racecourse on Thursday 6 June, the catalogue also features four Nottinghamshire properties being sold by online auction, for which bidding has already opened.
To find out more about any of the properties, or for details of bidding by telephone or online click here. If you have a property to sell, the team are already inviting entries for the next auction. For more information, or to request a free auction appraisal of your property, call 0115 958 8702 or click here.