An office block in Peterlee could be sold for just a few pounds when it comes up for auction next week.
That’s because the vendor has decided to risk the vagaries of the UK property market by placing his building at auction with no reserve.
That means the building, at Traynor Way on Whitehouse Business Park, which was built in 2006 and has a potential rental value of £186,384 per annum, could be snapped up for just a few pounds, if nobody else bids.
Toby Limbrick, Director of Network Auction said: “Our vendor has instructed us to sell this property with no reserve because he is happy to let the market dictate the price they’re willing to pay.”
The Peterlee Business Park-based modern block, which in a valuation report dated from July 2017 states the building’s market value at £880,000, provides 46,596 sq. ft. of accommodation on a site of 2.2 acres plus a 190 bay car park. It is considered ideal for corporate occupation, or could have potential for alternative uses subject to planning.
Toby Limbrick added: “We’re delighted to be able to offer this lot to market at such an attractive price – which is effectively one bid in the room.”
Unit 2C, Whitehouse 3, Traynor Way, Whitehouse Business Park, County Durham, SR8 2RT will be sold at Network Auctions on September 12 at Grosvenor House Hotel in London.