SDL Auctions Graham Penny’s recorded a successful auction, with a strong interest in bungalows propelling sales forward.
More than £6.1 million was raised at the auction, held at Pride Park Stadium in Derby, which saw one bidder paying £230,000 for a three bedroomed detached bungalow at 32 Bostocks Lane in Risley with a guide price of £185,000-plus.
Despite its need for renovation, the property’s strong price stems from its location on a plot around a quarter of an acre and its potential development opportunities, subject to planning.
A detached two bedroomed bungalow at 82 Birchover Way in Allestree sold for £158,500 from a guide price of £125,000-plus. The property needs improvement but is located in one of Derby’s most sought-after locations.
Auctioneer and managing director at SDL Auctions Graham Penny, Andrew Parker, said: “Bungalows are relatively rare and so we had keen interest in the wide range in the auction, despite many of them needing investment in upgrading works.”
Elsewhere, a detached three to four bedroomed dormer bungalow in need of some modernisation at 8 Stewart Close in Spondon achieved a sale price of £155,000 against a guide price of £89,000-plus.
Another bidder paid £148,000 for a two bedroomed detached bungalow requiring minor improvements at 16 Muswell Road in Mackworth, which was offered with a guide price of £138,000-plus.
Meanwhile, the hammer came down at £122,000 for a detached bungalow in need of improvements at 8 Browning Street in the Normanton area of Derby with a guide price of £65,000-plus, while a two bedroomed semi-detached bungalow also requiring work at 98a St. Chads Road in Derby sold for £107,000 from a guide price of £85,000-plus.
“These successful results show just what excellent investment opportunities are seen to exist in bungalows that need a bit of care and attention,” Parker added. “They helped us to raise a total of £6.1 million after a day of competitive bidding for scores of lots.”
The next SDL Auctions Graham Penny Derby auction takes place on Thursday 1 November at Pride Park Stadium.