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Derelict former squat sparked a £1m bidding war

Thursday 04 July 2019

NAVA Propertymark Business Asset Auctioneer of the Year 2014 winners, John Pye Property Auctioneers, sparked a bidding war on their most popular lot to ever have been sold.

The landmark and former derelict squat, the Trafford Park Hotel, saw more than ten parties involved in an online bidding battle with bidding being extended for nearly two hours.

The historic building is set to become a boutique hotel following a £900,000 sale, nearly double it’s expected selling price of £500,000 back in 2017.

The property was built back in 1902 and has lain vacant for nearly ten years, having at one point been used by squatters and even as a cannabis farm.

Following its closure, the terracotta fronted property has become dilapidated inside, blighted by graffiti and has even had squatters taking up residence.

But, despite its run-down condition, the property was still incredibly popular when it went on the market, mainly due to its location near to Manchester United's football stadium.

Richard Reed, head of property at John Pye Property, said: "There were over ten parties bidding for the property, and the bidding war down to the wire involved three separate parties.

"The competitive bids were received from multiple parties who all engaged in online bidding, which carried on for a record breaking one hour 50 minutes past the scheduled end time.

"The property received significant traction for multiple reasons - the property is located in a great position, close to Media City and Manchester United’s Old Trafford football stadium, the property received an effective and nationwide marketing campaign by John Pye Property.

"The property had an attractive guide price and the mechanism of sale ensured all parties who were interested in the property were able to bid online for the property at John Pye Property’s online auction."

Hoteliers Ashley Hotels and Nine Group purchased it as a joint venture, but now it is solely owned by Ashley Hotels.

The group own several hotels across the UK, but this appears to be their first to open in the North of England.

A spokesman for Ashley Hotels said: "We acquired the property in the auction in a joint venture with the Nine Group in 2017.

"Earlier this year, in order to expedite matters, we decided to purchase the property out of the joint venture and took full control.

"We are working in earnest to prepare a full planning application to bring the hotel back into use, with architects and various consultants instructed, and hope to be in a position to submit our application shortly."