Residential property’s popular as Nottingham auction raises £2.4 million

When the hammer fell on the final lot in SDL Auctions Graham Penny’s Nottingham May auction, the event had raised £2.1 million in the room.

But the total raised was boosted to £2.4 million by deals struck after the auction.

Residential property was very much in demand and the hot lots included the very first lot – 57 Lyndhurst Road in Sneinton, which sold for £66,500, 48 per cent over its guide price* of £45,000.

A similar result was achieved for a part-let, part vacant property at 136a and 136b Outram Street in Sutton in Ashfield, which sold for £58,500, which was 46 per cent over its guide price of £40,000.

Other notable results included 1a Pelham Avenue in Nottingham, which sold for £220,000 (22 per cent increase on the guide price of £180,000), 72 Bennett Road in Mapperley, £173,000 (15 per cent, guide price: £150,000) and 28 Wellington Road in Eastwood, £67,500 (14 per cent, guide price: £59,000).

The May auction at the Nottingham Belfry Hotel, was held as part of the East Midlands Landlords Expo and was attended by hundreds of landlords and property investors from across the region.

Andrew Parker, managing director and auctioneer, said: “This was a very busy auction and achieved some great results for our clients. We had a high volume of investor and landlord bidders, as you would expect from an investor event, which led to plenty of competitive bidding.”

The next SDL Auctions Graham Penny Nottingham auction on Friday 7th July will be held at Nottingham Racecourse and the team are offering free no obligation auction appraisals for anyone looking to sell under the hammer.

SDL Auctions is one of the UK’s largest auction networks and in 2016 sold over 1,300 lots and raised more than £150m in sales for vendors. In 2017 SDL Auctions will hold 35+ auctions at Villa Park in Birmingham, Pride Park Stadium in Derby, Chester Racecourse, Nottingham Racecourse, the King Power Stadium in Leicester, the Macron Stadium in Bolton and the bet365 Stadium in Stoke.