18th January 2012
No Sign of Recession at Auction
Graham Penny Auctions, the leading East Midlands property auctioneers held one of their largest sales of the year earlier in the month.
124 properties had been entered, many of which were within Nottingham and its surrounding districts.
Auctioneer Graham Penny commented that the catalogue was one of the best that he had ever had the privilege of compiling, with a very varied cross-section of property, many representing an excellent opportunity, both as to investment and renovation potential. He also commented that over the two-day event, both auction rooms were particularly well attended, with a good number of registered bidders.
As a result, some remarkable prices were paid, with some properties fetching more than double their reserve prices. Most paid prices well over the reserve price and Graham Penny commented that he was continually amazed at some of the figures buyers were prepared to pay. “Attracting such numbers of would-be purchasers, we seem to obtain much better prices than other auction centres” he said.
A good number of the lots offered for sale sold in the room, with the overall turnout being in excess of 75% at more than £6.6m.
Amongst the star prices paid, with reference to their reserve prices, Borrowash House, Derby Road, Borrowash, a former council care home, had met with huge interest and with several people seriously bidding, sold for £374,000 from a guide of £150,000.
Old Myers Farm Cottage off Ashbourne Road, Church Broughton, a three bedroomed cottage farmhouse requiring complete refurbishment, but with enormous potential, and standing in about 4.27 acres sold for £334,500.
27 Horwood Avenue, Derby, a three bedroomed detached house occupying a generous corner site with Arlington Road, and having space for structural extensions, sold at £270,000.
9 Park Street, Stapleford, a four bedroomed detached house requiring complete refurbishment but with enormous potential, sold for £82,000 from a guide price of £55,000.
159 Cross Street, Arnold, a two bedroomed traditional semi-detached property, requiring a scheme of cosmetic improvements, sold for £72,000 from a guide of £58,000.
17 Leyton Crescent, Beeston, a traditional three bedroomed semi-detached property requiring a scheme of improvement after suffering fire and smoke damage, but in a popular location, sold for £106,000 from a guide price of £80,000.