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MANSFIELD BANK TO GO UNDER THE HAMMER AT ONLINE AUCTION

A MANSFIELD high street bank valued at around £1.1 million will be brought to the commercial property market this month (15 and 16 November) as part of a multi-million-pound UK-wide auction by Nottingham-based online auctioneer John Pye Property.

The Halifax branch, located on Stockwell Gate, will remain open for business as usual following the sale.

The branch is one of seven Halifax branches being sold on behalf of LPA Receivers valued at £20 million in total. Other locations include Brighton, Chelmsford, Colchester, Darlington, Reading and Liverpool. A Barclays branch in Grimsby is also being sold.

Richard Reed MRICS MNAVA, head of property at John Pye Property said: “This is a unique investment opportunity for this area and we expect to see massive interest from national and overseas investors.

“Along with the other branches, this is a significant portfolio of properties being sold. All are prime for investors looking to buy good quality stock when there is not a great deal of top quality investment properties coming to market. The properties are in fantastic high street locations in UK towns and cities. The first seven properties have approximately five years remaining on the leases, the eighth property has ten years remaining, and with gross initial yields ranging from 5.5% to 9.7%, they offer great returns from blue chip tenants.

“It is recognised that banks are secure tenants and there are long leases remaining on the buildings from long standing tenants.”

John Pye Property has brought up to £5 million worth of commercial and residential properties in the city to market in 2017, as Nottingham properties feature in almost every online auction which occur every three weeks.

The November sale is one of John Pye’s most significant to date with the guide prices of the eight bank buildings ranging from £1 million to £4.5 million. 

With clients ranging from LPA receivers, insolvency practitioners, banks, property companies and private investors, John Pye’s pioneering online property auctions have offered properties valuing more than £175 million through its auctions since 2014.

The company hosts online property auctions using the latest technology and is the market leader in the way it sells online.

Simon Hunt of JLL, said: “As LPA Receiver I need to ensure that I sell property assets for the best sale price and with John Pye’s extensive database of active buyers and their global reach, then I am confident that they will generate a large amount of interest in these blue chip investment opportunities from a wide range of UK and overseas buyers and I am very much looking forward to some fantastic outcomes for our lender client.”

Richard added: “We provide sellers with the best value route to market by offering 0% seller fees, £0 marketing costs and £0 entry fees, meaning any sale of property through our auctions will be without any agency fees or associated marketing costs.”

John Pye Property has gone from strength to strength since it launched smashing its sales targets and boosting the popularity of online property auctions.

Selling commercial and residential property at quarterly auctions initially, Richard and his team now host auctions every three to four weeks which generate millions of pounds in sales.

Richard added:  “We have sold hundreds of properties through the company’s auctions and with great success. What makes the business really unique is that we don’t charge seller fees. The auctions are free to enter, and there are no marketing costs – it’s the future of property auctions.”

 “We recently celebrated our third year in online property auctions and have increased the frequency of our sales, creating greater opportunities to acquire property through the online process.”

John Pye Property has strategic offices throughout the UK, with its main regional hub in the south in London’s Old Bond Street in Mayfair and its Midlands regional hub in Nottingham. Due to the increase in instructions in the North West, John Pye Property has opened a northern hub in Manchester.

John Pye & Sons will celebrate 50 years of trading in 2018. It sells vehicles, retail goods, business assets, luxury assets and properties from its 23 nationwide sites which comprise 700,000 square feet and 43 acres of auction facilities.

The two day auction will take place on 15 and 16 November. Visit www.johnpye.co.uk/property-auctions to find out more or phone 0115 970 6060.


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