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East Midlands Chamber News

Opportunity in Nottingham property auction

John Pye Property Auctions is expecting significant interest in a commercial building less than a mile from the centre of Nottingham, resulting in a one-off exclusive online property auction this month.

The Malt Mill House, on Robin Hood Industrial Estate, is expected to generate major interest when it comes to market on 15-16 December owing to the regeneration of the city’s east side, leading John Pye Property to add to its regular auction programme.

The leading auction house is set to increase its online property auctions to one a month from February 2016 it is extending its 0% seller fee to cope with the increase in demand from buyers and vendors.

Richard Reed MRICS, head of property for John Pye Property said: “There has been plenty of investment into the east side of the city centre and once the development of Bio-City is complete we are expecting to see the value of properties rise.

“Listed with a guide price of £220,000 the industrial unit is to be sold with a large secure yard, office accommodation and a substantial mezzanine totalling 762.02 m² (8,212 ft²) of space. The unit presents an ideal investment opportunity for new or expanding businesses, just half a mile from the city centre.

“This is the first time we have held a one-off online property auction and we consider it a viable method of sale in comparison to the widely used ‘best and final offers’ approach. The difference being, the auction method is forms a legally binding contract providing both sellers and buyers alike security of contract and a quicker transaction.”

Complete with car parking, additional storage, staff facilities and intruder alarm, the property is one of hundreds of properties sold through the pioneering online only property auction method this year.

“We’re thrilled with the growth of our online property auctions this year,” Richard added. “Every bi-monthly online auction we have held has surpassed the previous in terms of registered lots and interested bidders. We’re now selling commercial and residential properties from as far south as Devon and as far north as County Durham.

“Next year we shall be holding our online property auctions on the first Thursday of every month, to cope with the increase in demand.”

John Pye Property is continuing its 0% Seller Fee and Nil Marketing Costs and accepting properties for the next auction until 14 January 2016 in readiness for bidding to commence from 3 – 4 February 2016.

It is the only UK property auction house which carries out property auctions online with a binding contract on the last day of the auction.