1st November 2019
Renovation projects are the pick of the properties at Derby auction
Property proved as popular as ever at SDL Auctions Graham Penny’s sixth auction of the year, which raised over £5 million for sellers.
From terraced homes requiring full renovation to grand country residences, homes for all budgets went under the hammer at Pride Park Stadium in Derby.
Getting the auction off to a great start was a refurbishment property close to the city centre. Requiring improvement and upgrading, the semi-detached 77 Bethulie Road, has two double bedrooms and the potential for an attic conversion and extension, subject to planning permission. It sold for £108,500 from a *guide price of £69,000+.
Auctioneer Andrew Parker said: “This sort of property sells well at auction as there is the potential to add value by carrying out improvements and, once completed, it will be much in demand on the rental market due to its size and great location. It was a fabulous property to get our Derby auction off to a tremendous start.”
Renovation properties proved popular throughout the auction and in locations around the county.
One of the star lots of the day was 62 Brisbane Road in Mickleover, which requires a full scheme of improvement and upgrading and sold for £181,000 from a guide price of £95,000+.
The three bedroomed detached house has two reception rooms and a well-stocked garden with driveway and garage.
Andrew said: “Mickleover is a popular suburb of Derby and this is a great investment. It needs improvements but has the potential to become a fantastic family home, whether for a private buyer or for a landlord looking to let it in the private rental sector.”
Further north, 57 Alder Road in Belper, was another renovation property which sold well at the auction, raising £105,000 from a guide price of £50,000+. The property, which is in a cul-de-sac within easy reach of Belper town centre, has spacious accommodation with a through lounge/diner and fitted breakfast kitchen on the ground floor, and three good-sized bedrooms and a family bathroom on the first floor.
There was a much bigger renovation opportunity in Draycott, where The Lodge on Nottingham Road, sits on around an acre of land with woodland and countryside views. The Georgian-style detached house has three double bedrooms, two reception rooms and a wrap-around conservatory. It sold for £345,000 from a guide price of £325,000+.
Described as a classic auction lot, 148 Osmaston Road in Derby is a full restoration project next to the old Derbyshire Royal Infirmary site. The three-storey townhouse has been converted into five self-contained one bedroomed apartments, one of which is currently let at £350 per calendar month. It had a guide price of £115,000+ and sold for £186,000.
Andrew said: “This is a fabulous property with the potential both to add value and to earn a great income. When fully renovated and all the flats are let, we would expect it to bring in an annual income of around £24,000. It’s an excellent investment for the new owner.”
He added: “It’s always good to be back in Derby, getting great prices for our sellers and matching buyers with some fantastic properties. It’s even more satisfying knowing that, thanks to the speed and transparency of the auction process, buyers and sellers will have a hassle-free transaction with virtually no risk of the sale falling through.”
There’s still time to secure a sale by Christmas as SDL Auctions Graham Penny will be back at Pride Park Stadium on Friday 13 December for its last Derby auction of the year.
Andrew said: “Your sale will be secured by Christmas because contracts are exchanged in the room the moment the hammer falls. Completion will take place 20 working days later in mid-January.”
To find out more about selling at auction, or to book a free no-obligation auction appraisal of your property, call 01332 242 880 or click here.