Sutton and Bulwell properties feature in £2 million Notts on-line auction

Properties came under the auctioneer's hammer
Properties came under the auctioneer's hammer

Properties in Sutton and Bulwell featured among a £2 million on-line auction sale this month.

A number of properties in the county which went to auction have shown a strong demand for tenanted property investments in populated residential areas, according to John Pye Property Auctions.

Residential investment opportunities in Sutton in Ashfield and Bulwell were sold as part of a £2 million online auction with the online bidding model proving to be popular with buyers.

A three-bed semi-detached property in Padstow Road, Bulwell achieved a 10 per cent yield at the auction selling for £65,000.

Richard Reed MRICS, head of property at John Pye Property Auctions, said: “We have noticed a strong demand for tenanted property investments in popular residential areas of Nottinghamshire.

“Bulwell in particular has proven to be very sought after with investors as it is a popular residential area. Through our online property auction we achieved an excellent result and it was sold to one a London investor.”

A studio apartment in Langton Court, Sutton in Ashfield, sold for £32,500. Richard said: “This provided an ideal first buy-to-let investment opportunity, resulting in a lot of interest with a strong price achieved through competitive bidding through the John Pye Property unique online auction bidding platform.”

An industrial unit in Ollerton saw a bidding war between buyers with 12 bidders trying their luck for half an hour at the end of the John Pye Property auction. The unit was sold for £49,000 - £17,000 above the guide price.

Richard added: “We received a huge amount of interest on this commercial unit, resulting in a successful winning bid 153 per cent above guide price. This was another insolvency led instruction, which always generate market interest and results.