Auctions

10 Downing Street goes under the hammer

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31st July 2014

Graham Penny Auctions to sell one of the most famous addresses in the UK?

Graham Penny Auctions has a property going under the hammer in its next auction with a very recognisable address – 10 Downing Street.

This property isn’t the home of the Prime Minster though, it’s not even got the famous black door, instead it’s a traditional three storey two bedroomed end-terraced house in Sutton in Ashfield on the market for only £40,000+.

Vejay Pal, senior valuer at Graham Penny Auctions Nottingham, commented:

“It’s not every day you see 10 Downing Street for sale. This clearly isn’t the head of government’s home, however we’ve already received a huge amount of interest in the property a month before the auction – no doubt in part because of its better-known double.

The lot itself is an ideal investment property benefiting from gas central heating and double glazing. It does require some cosmetic improvement and upgrading but with a little effort it could produce a healthy return or yield for a property investor or landlord.”

The property comprises a lounge and breakfast kitchen on the ground floor, a double bedroom and bathroom/WC to the first floor and a double attic bedroom on the second floor. It is being sold by auction on Thursday 4th September and Nottingham Racecourse. Successful buyers will pay a £750 buyers fee along with a 10% deposit on the fall of the gavel to secure the sale and completion will take place only 21 days later.

Vejay added:

“The attraction of buying a property at auction is that it’s a straightforward, transparent and quick process. On the fall of the hammer, the sale is secure, contracts are exchanged and the sale is completed within a month. Then the new owner can start reaping the benefits of the addition to their property portfolio.”
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