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Abandoned ‘Greek Thomson’ mansion up for auction

An abandoned mansion fit for a millionaire is coming up for auction this month at a heavily discounted price

Abandoned ‘Greek Thomson’ mansion up for auction

The substantial five-bedroom detached villa is situated in the exclusive Dullatur Village near Cumbernauld.

It was bought in December 2005 for £500,000. A few years later the owner is understood to have moved abroad, leaving the home empty and unattended.

It was recently purchased by a developer, who stripped it internally in the first phase of a refurbishment project.

The developer has now had a change of heart and has put the 0.7-acre site up for sale with a guide price of £525,000.

George Douglas of sellers, Online Property Auctions Scotland, said: “This is a rare opportunity to purchase a blank canvas and transform it into the mansion of your dreams.

“This type of property, in terms of location, stature, size and condition, only comes onto the market once in a generation.

“At this price the potential reward for any buyer is massive.”

The property, “Woodend” on Prospect Road, Dullator, is designed in the Greek Thomson style and comes with plans for a gym and a cinema room.

Although it doesn’t go under the hammer until October 15, there has already been huge interest in it.

OPAS say on their website: “The property is in need of full refurbishment.

“It comes with a large detached double garage which contains a bespoke kitchen made for installation which was costed at £30,000.

“This is a very rare opportunity to purchase this fantastic villa and create a stunning, unique family home of character.”

*This article first appeared in The Herald on the 1st October 2020

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Searching for the new Finnieston… the property boss lining up bargains at auction

George Douglas on why his digital property business was booming during lockdown

George Douglas has pinpointed once run-down Govanhill as an area to watch

While Covid-19 put house viewings in the leafy suburbs on hold for three months, property boss George Douglas has been busier than ever.

His online auctions business sells homes, many of them ‘doer-uppers’ or in up and coming areas, to savvy bargain hunters.

Douglas’ firm Online Property Auctions Scotland has recently sold flats in Glasgow, a pub and restaurant portfolio in Cambuslang, a former church building in rural Perthshire along with other property in Paisley, Ayr, Airdrie and Kirkcaldy.

Sellers include financial institutions, banks, insolve​ncy practitioners, executory sales, large and small investors as well as private clients who seek a fast, guaranteed sale.

Church in Perthshire is one of the more unusual properties sold by George Douglas during lockdown

“Traditionally, auctions were usually frequented by the seasoned investor,” says Douglas, chief executive of the firm.

“However, we now see buyers from all walks of life. These include professional local investors who we know on first name terms, plus a range of investors from south of the border and overseas who see the value in the Scottish market.

“The buy-to-let market remains strong with high demand, which also comes from developers looking for renovation and resell projects.

“During the Covid-19 pandemic we have noticed a small increase in the number of residential buyers who are just looking for somewhere to live.”

Douglas believes the success or otherwise of the economy in general will influence the immediate fate of the property business.

He said: “Economic uncertainty is highly likely to have an effect on the property market. These have been a very difficult few months for many people and some will look to cash in on some assets.

“The residential housing market was strong going into lockdown, however redundancies and lack of confidence are certain to have some effect on the levels of stock coming to the market.”

Douglas’ firm ensures prospective buyers are provided with a legal pack prepared by the vendor’s solicitor, and urges them to view the property first and carry out their own due diligence.

And he is also in a good position to share his wisdom to those bargain hunters looking for the new Finnieston, the area of Glasgow which has gone shabby to chic in little more than a decade.

George Douglas, Online Property Auctions Scotland
Online Property Auctions Scotland chief executive George Douglas

“There are a couple of unfashionable parts of Glasgow where prices have been rising steadily of late,” he says.

“The first is Govanhill, an area with a perceived bad reputation. This has seen a big transformation with Victoria Road now awash with trendy independent shops and cafes.

“We have seen the prices of some flats in the area double in the last couple of years.

“My other choice for an upcoming area would be Govan and Ibrox. We are seeing increasing prices down there and, crucially, there are still some bargains to be had.

“I tend to ignore much of the financial analysis and opinions when assessing a potential growth area. I find when the cafes move in and start selling coffee at £5 a cup, that’s the time to invest because the young professionals will soon follow.”

*This article first appeared in Insider.co.uk on the 12th August 2020

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Cambuslang restaurant and bar sold at auction

Cheers bar and the Coulotte Steakhouse above it were sold at auction by Online Property Auctions (OPA) Scotland for the guide price of £145,000.

Coulotte Steakhouse in Cambuslang

A popular bar and separate restaurant occupying the same building on Cambuslang Main Street have gone under the hammer for a combined £145,000.

Cheers bar and the Coulotte Steakhouse above it were sold at auction by Online Property Auctions (OPA) Scotland for the guide price of £145,000.

OPA received eight bids from three would-be buyers.

When the two units initially came up for auction in April with the same guide price, they failed to sell in what was an uncertain climate for investors.

The new owner of 80-84 Main Street will net a combined rental income of £24,000, with the first floor restaurant leased at £7000 a year, and the pub at £17,000 per annum.

George Douglas, director at OPA Scotland, insists that appetite in the Rutherglen and Cambuslang property market, particularly in the buy-to-let sector, is healthy.

As well as the Cheers and Coulotte transactions, his company sold two one-bedroom flats in the area during lockdown.

George Douglas

He said: “The buy-to-let market in Lanarkshire, and the Greater Glasgow area – which for our purposes includes Rutherglen and Cambuslang – remains strong with high demand, which also comes from developers looking for renovation and resell projects.

“During the height of the Covid-19 pandemic, we noticed a small increase in the number of residential buyers who were just looking for somewhere to live.

“If you consider the difficulties brought about by social distancing, this shows the market is healthy.

“We are currently keen to hear from sellers because we know the buyers are there, particularly as restrictions have eased and it is now easier to conduct business.”

George believes the success or otherwise of the economy in general will influence the direction the local property market will take.

He explained: “Economic uncertainty is highly likely to have an impact on the property market.

“These have been a very difficult few months for many people and some will look to cash in on some commercial assets.

“The residential housing market was strong going into lockdown, however redundancies and lack of confidence are certain to have some effect on the levels of stock coming to the market.”

*This article first appeared in the Daily Record on the 12th August 2020