14th October 2020
Notable Georgian buildings provide high-end investor opportunities
Two major commercial property opportunities in Derby are coming up for sale this month which auctioneers say will appeal to discerning investors.
Both are historic Georgian buildings in the desirable Friar Gate area of the city and due to go under the hammer in SDL Auctions’ commercial property auction on Friday 30th October.
Investors looking to secure a prominent landmark property with excellent income potential will be interested in the Vernon Street portfolio, a diverse lot with a *guide price of £1,000,000+ and comprising multiple offices, student accommodation, offices and a public house. Together they produce an annual income of £143,000.
Head of auctions East Midlands Robert Stone said: “This is the first time this portfolio has come on the market for more than 50 years which in itself is likely to cause more than a ripple of excitement among commercial investors. The style and location of the properties is another draw for discerning investors; they are all attractive properties in an extremely desirable and historic part of Derby city centre.”
Situated on the corner of Vernon Street and Friar Gate, the freehold block consists of six units with at its heart the landmark Vernon House, a large former wheelwright’s building with multiple offices across three floors.
Two substantial Grade II listed semi-detached Georgian properties with individual offices let across two floors can be found at 1 and 2 Vernon Street, while 71 Friar Gate is a student property let for the current academic year.
A bookmaker’s office at 70/70a Friar Gate is currently let to Betfred at £21,000 per year, while The Courtyard Public House at 67 Friar Gate is let on a new 10-year lease at £22,500 per year.
Nearby, another slice of Derby’s Georgian history is going under the hammer in the same auction. 42 Friar Gate is a Grade II listed Georgian town house converted into office suites, offered fully let with an annual rental income of £60,308 and a guide price of £450,000+.
Built by leading English architect Joseph Pickford in around 1770, the property is a fine example of Georgian design, in excellent condition and retains many period features, as well as a rear garden. It has a long-standing successful letting history with tenants including a law firm, architectural firm, surveying firm and educational agency.
Robert said: “It is rare for historic properties of this size and calibre to be offered for sale – and even rarer to have two in the same auction. They make a fantastic addition to our first two-day auction and I expect them both to prove highlights of our second day.”
Both lots are due to be sold by SDL Auctions, the UK’s most successful live-streamed auctioneer in its two-day national property auction on 29th and 30th October. Lots will be split into residential and commercial, with the Vernon Street portfolio and 42 Friar Gate being sold on the second day.
Separating the lots over two days allows SDL Auctions to accept more properties into its growing national property auction, which last month featured 240 lots and was its biggest yet. In September, SDL Auctions raised £26 million for sellers and since the start of the year has sold more than 1,000 lots and raised more than £130 million for sellers.
The two-day auction currently features more than 150 properties but it’s not too late for us to feature your own property. For more information, or request a free no-obligation auction valuation, call the Derby team on 01332 242 880 or click here.