A Newark restaurant and an industrial unit are being sold by leading Nottingham-based auction house John Pye Property at its second on line property auction starting this week.
As an established family-run auction house, John Pye Property has successfully taken the firm into the 21st century with technological innovation, becoming the first independent auction house to convert exclusively to online timed auctions.
Holding its second online auction, which begins this week, the new online process will allow bidders to place offers on a 28-lot auction featuring £2 million of property over seven days – revolutionary to the industry.
Richard Reed MRICS, who heads up the property auction division at John Pye, said: “The way we run our online auctions means buyers don’t need to feel pressured into making a snap decision. They can have the comfort of bidding from their own home or work over a seven-day period.
“We know this creates a more user friendly system. Auctions are rising in popularity because of TV programmes like Homes under the Hammer.
“This is our second online property auction, which we know will attract a mix of buyers. Our unique expertise across online auctions means the way we sell property online is a real unique selling point for buyers and distinctive across the industry.”
A Newark Grade II listed restaurant will go under the hammer from tomorrow along with industrial premises in Ollerton.
The striking restaurant situated in Castle Gate is on offer with a guide price of £270,000. Currently trading as a restaurant and café shop – the property comprises a stunning character dating back to 1549.
It has been sympathetically restored, retaining many original features including wooden beams.
Richard added: “The restaurant is a great opportunity for buyers and bursting with potential. It is an iconic building and already has received a great deal of interest.
“There is huge potential here for a flourishing business to take advantage of its great location in a market town close to Newark Castle and lots more visitor attractions.
“Alternatively, it can be continued as a good investment receiving £19,000 per annum, which increases to £21,000 per annum in January.”
In Ollerton there is a 3,160 sq ft industrial building over two floors going under the hammer with a guide price of £32,000.
Situated in Meden Court, the premises have two car parking spaces. The ground floor comprises a small showroom and separate storage area together with kitchenette and separate toilet room. Stairs lead to the first floor that is currently used as offices and a server room.
John Pye Property Auctions is putting a range of lots from land for building, through to commercial buildings and residential investment opportunities, offering a unique opportunity for people to buy property at auction online.
The online auction to be held between 9 and 16 December follows the successful launch of John Pye’s Property Auction online bidding in September.
