Grade II-listed hotel sold for nearly triple guide price

A bidding frenzy has seen the iconic Trafford Park Hotel in Manchester sold for nearly three times its £350,000 guide price.

The Grade II-listed building came to online auction with John Pye Property as part of its January auction, attracting 250 bids.

Bidding went on for almost two hours after the auction officially closed and saw the hotel fetch nearly three times the listed guide price.

The property eventually sold for just shy of £900,000, proving to be a record lot for the company.

Richard Reed, head of property at the online auction house said: “This property certainly attracted a lot of attention as we were inundated with around 150 enquiries. 

“Previously we’ve had bidding on properties continue for up to 40 minutes after closing, so this is a new record. Given the building’s potential, it is easy to see why it was so popular with bidders.”

It was thought that the building could be renovated into a hotel or turned into apartments fetching £80,000 to £120,000 each. However, it is currently in a poor state of repair and needs a considerable amount of work before it can be inhabited again.

The building was part of a £7m nationwide auction which saw a range of residential and commercial properties sold for more than their listed guide price. 

Online property auctions are fast becoming a conventional way to buy and sell properties and more people are using the method to boost their property portfolio.
 
Reed said: “Our unique expertise across online auctions means the way we sell property online is a real unique selling point for vendors and distinctive across the industry. We are increasingly instructed by LPA receivers and have achieved standout results across our online auctions as a result.”