23rd May 2019
Garden centre owner reap rewards with a £930k sale
Buyers and sellers are reaping the rewards of another successful property auction as a variety lots went under the hammer at SDL Auctions Graham Penny’s Leicester auction this week, raising a total of £3.7 million.
Cream of the crop was a flourishing Leicestershire garden centre, which sold for £930,000 from *guide price of £775,000+.
The owners of Staunton Harold Nurseries & Garden Centre plan to take a 10-year lease back on the premises at an annual rent of £80,000, making this a rosy opportunity to cultivate a commercial property portfolio.
Auctioneer and managing director Andrew Parker said: “This garden centre is in truly beautiful surroundings in a part of the country which I know very well. The business is thriving in this special location and, with the property under new ownership, the business owners are keen for this success to continue.”
The majority of lots selling under the hammer at the King Power Stadium were houses, with the first lot of the day getting the bidding off to a lively start. 69 Minehead Street, Leicester, a three bedroomed semi, sold for £114,000 from a guide price of £100,000+. The property, which requires some modernisation, is well placed for the city centre, DeMontfort University and The Royal Hospital, giving it both tenant and homeowner appeal.
30 Winchester Avenue, Leicester is also well placed both the university and hospital, making it an ideal rental property. The five bedroomed, three-storey villa has the potential to be converted to a House in Multiple Occupation (HMO) and sold for £247,000 from a guide price of £235,000+.
Similarly, 50 Fairfield Street, Wigston, is a four bedroomed terrace which could be used as an HMO, subject to planning permission and licensing. It sold for £135,500 from a guide price of £110,000+.
One property which already has a successful history as an HMO is the vacant 71 Barras Lane, Coventry, which was sold on behalf of the university. The property has six bedrooms plus a self-contained studio flat on the top floor. It was sold, fully furnished and ready to let, at £405,000 from a £400,000+.
Properties requiring renovation provide the potential to add value before selling on or letting to tenants and there were several lots of this type at the Leicester auction, including 30 Northfield Avenue, Wigston, an extended three bedroomed semi in a quiet location close to Wigston town centre, which sold for £150,000 from a guide price of £130,000+ and, further south near Market Harborough, 7 Main Street, Caldecott, which sold for £178,500 from a guide price of £150,000+. Two cottages have been knocked into one to create a detached home with a good-sized garden and countryside views.
Another pair of properties which sold under the hammer are 1 & 2 Bull Hill, Osgathorpe, two traditional semi-detached homes surrounded by open countryside.
Andrew said of the properties: “These offer a fantastic long-term investment opportunity, with the potential to extend or develop the site, subject to planning permission and the tenancy.”
While the auction was dominated by houses, an apartment which proved popular was Flat 55, Walnut Gardens, East Leake, a modern two bedroomed top floor home with a guide price of £85,000+, which sold for £95,000.
It was the third visit to the King Power Stadium for the most successful property auctioneer in the East Midlands and Andrew was satisfied with the results.
He said: “We are delighted to have another successful auction under our belts. There was a good mix of properties being sold and we had bidders in the room, online and on the telephones, ensuring we achieved some good prices for our sellers.”
The auctions team are now inviting entries are now being invited for the next Leicester auction, to be held at the King Power Stadium on Tuesday 23 July.
Andrew added: “There is no one typical auction property; we sell restoration projects, recently renovated or somewhere in between. As well as houses and apartment, we sell commercial premises, apartments, mixed-use properties, development sites and parcels of land. Whatever your property type, we have a wide network of investors and private buyers looking to purchase via auction, because it is quick and hassle-free.”
To find out more about buying or selling at auction, or for a free auction appraisal of your property, click here or call 0116 254 9654 to speak to the auctions team.
*Each property is subject to a Reserve Price which may be different from the Guide Price. For full definitions see www.sdlauctions.co.uk/glossary.