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