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Investors attracted to deals in Derby

The BBC's Homes Under The Hammer crew were in Derby last week to witness Graham Penny Auctions raising more than £4m in sales at its second Derby auction of the year.

The auction, on Thursday 14th April at the iPro Stadium, featured a catalogue of 55 varied residential property, commercial property, land and other lots going under the hammer in front of a busy room of bidders.

In total, 35 of the 49 lots on offer were snapped up – 72% sales success – including post-auction sales, raising close to £4.2m.


Andrew Parker, managing director at Graham Penny, commented: “There were scores of excited bidders in our auction room all keen to see the gavel fall on the lot they had their eye on. We had a wide range on offer from investment properties to mixed use premises, development land and buy-to-let houses all receiving significant interest. Plus we had a number of different types of buyers from landlords looking for a buy-to-let through to owner occupiers looking for their next home."

Among the highlights was a three-bedroom detached house on Derwent Road in Ripley, DE5, which requires a full scheme of improvement and has scope to extend. The property was sold for £135,000 against a guide price of £85,000. But local experts tell us that the house would be worth in the region of £175,000 in excellent condition.

Elsewhere, a two-bedroom semi-detached property on Millfield Road in Ilkeston, DE7, also requiring a scheme of upgrading and improvements, was sold for £83,000 from a guide price of £45,000. The house would almost certainly fetch £100,000+ on the open treaty market post-works.

The highest yielding property sold on the day was a three-bedroom town house in Stapleford, Nottingham, NG9, which is currently let on an AST at £500pcm. The property was sold for £98,000, providing the new owner with a gross rental return of 6%.

Upcoming property auction dates in the East Midlands:


Eadon Lockwood & Riddle at The Maynard, Grindleford, Nether Padley, Hope Valley, S32 2HE    15:00

Midlands Property Auction - iam-sold at Nottingham Racecourse, Colwick Road, Nottingham, NG2 4BE    19:00

Shonki Brothers (London Road) at Leicester Race Course, Leicester Road, Leicester, LE2 4AL    17:00

Wallace Jones at Holiday Inn, Bostocks Lane, Sandiacre, NG10 5NJ    18:30


Shouler & Son    Melton Mowbray Cattle Market, Scalford Road, Melton Mowbray, LE13 1JY    18:30


Hix & Son at The Church Hall, Church Street, Holbeach, PE12 7LL    TBA


Graham Penny (Nottingham) at The Nottingham Belfry Hotel, Mellors Way, Nottingham Business Park, Nottingham, NG8 6PY    11:30


The County Property Auction at Doubletree by Hilton, Brayford Wharf North, Lincoln, LN1 1YW    19:00


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