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Property auction raises over £2.4million

14th June 2013 Print
Pugh and Company - Meridian Court

Two commercial investment properties in Newcastle were among sales that totalled more than £2.4million at Pugh and The Auction People’s first June auctions.

Leading property auctioneers Pugh and its residential arm The Auction People held its second event of the day at the Newcastle Marriott Hotel on June 6.

Investment opportunity, Meridian Court One & Two in Peterlee, County Durham, sold on just prior to the auction to an interested party. The part let, part vacant office space produces an income of £173,213 per annum and covers 3,790sqm.

Meanwhile, lot 42, a mixed commercial and residential opportunity in Springwell, went under the hammer for £45,000 – above its guide price of £30-40,000. The freehold retail unit extends to approximately 47.85sqm (515sqft).

Among the residential stock was a three bedroom, terraced property on Derwent Street and a three bedroom, semi-detached house on Wrightson Street both in Stockton-on-Tees which sold on the day for £40,000 and £53,000 respectively. Ideal for first time buyers or buy-to-let investors, both were sold for above the guide prices following competitive bidding.

Paul Thompson, director and auctioneer for Pugh and The Auction People, said: “We had a number of sales leading up to the day and interest remained high when we started to sell in the room. It was a great turnout and it was clear that many of the people were there with the intention of buying.

“Renovation projects and buy-to-let opportunities seem to be the biggest draw for buyers in Newcastle as people look to build their property portfolios and start investing in the future.

“We are already taking instructions from across the North East for our July auction which looks set to be another successful event.”

The closing date for Pugh and The Auction People’s July auction is 19 June.

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Pugh and Company - Meridian Court