Manchester commercial property auction set to raise over £15m

A Manchester-based commercial property auction is expected to generate over £15m.

Pugh’s auction at the AJ Bell Stadium on 21st February will offer more than 150 lots, including a Grade II-listed office building in Manchester’s city centre.

12 Minshull Street (pictured) – which is currently let to an offender rehabilitation organisation for £95,000 per year – is being sold on behalf of the Ministry of Justice at a guide price of £1.25m plus.

Other lots include the Grade II-listed Queens Hotel in Carnforth, Lancashire, which holds planning consent to build 10 apartments nearby and is being sold at a guide price of £250,000 plus.

Paul Thompson, managing director of Pugh, said: “A staggering £4.7bn of property was sold last year at auctions nationwide and we expect to see that strong demand for property in the auction room continue to grow with positive economic forecasts supported by stable interest rates and inflation. 

“The renewed commitment to the Northern Powerhouse means that we are seeing investors attracted to the North, fuelled by lower capital values, good rental demand and large-scale investment in infrastructure and the regional economy.

“We sell over 80% of our auction lots on the day, a clear sign that investors remain positive and see good returns from property and land purchases.”

Pugh was acquired by property consultant Eddisons in June 2016.

Last year, the company sold £100m of property at auction.

A full catalogue of listings is available to view on the Pugh website.

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