A row of cottages which has served the fishing families of Grimsby for more than 100 years has been acquired by a property investment and development company which has already ploughed millions of pounds into the North East Lincolnshire area.
Galaxy of Homes, based in Peterborough, sealed the purchase of the properties in The Square, Weelsby Street, with a bid of £225,000 at the latest sale by Regional Property Auctioneers (RPA).
James Vandenbrook, Head of Auction at RPA, said:
This was a good deal for all concerned. The lot carried a guide price of £200,000, and the vendor is pleased to have exceeded that. Galaxy of Homes now has 10 bungalows for a very good price, even taking into account the cost of modernisation.
The properties were offered for sale by the Grimsby Sailors and Fishing Charity, which has plans to dispose of three similar rows as residents move to more suitable accommodation. The proceeds will be reinvested to provide more suitable homes.
Galaxy of Homes was formed three years ago by Vikash and Madhurita Jayaswal. Joanne Williams, from the company’s Grimsby office, attended the sale and faced competition from other potential purchasers, including one by phone, as bidding began at £100,000 and climbed £10,000 at a time to £220,000. Joanne’s willingness to stretch to £225,000 secured the seal.
I attended the sale specifically to bid for this lot. It is something different and it’s part of Grimsby’s history. They are very well-known properties and have housed the ex-fishermen of Grimsby for many years.
Galaxy of Stars started buying property in Grimsby about 18 months ago and has invested millions of pounds in properties in Grimsby and Cleethorpes, particularly and East and West Marsh areas.
We are pleased with the price and we will now modernise the properties. In the past they have only been available to people aged over 60 but these will be open to all. They will have new kitchens, bigger bedrooms, a nice lounge. They are going to be cracking. It’s very exciting!
There is a lot of history behind these properties. The Grimsby Sailors and Fishing Charity intends to sell the remaining 30 cottages as and when the tenants move out, and we hope very much that the heritage will appeal to prospective bidders, as it did in this sale.
Some properties are in need of modernisation but they are solidly built, with communal lawns to the front and rear, they have gas central heating and uPVC double glazing and they represent an excellent investment opportunity. As they become available we will announce details on our website at www.regionalpropertyauctioneers.co.uk