A PROPERTY auction at York Racecourse tomorrow is expected to yield at least £1 million.

Many of the bidders at the auction, organised by York-based Hunters Property Group, will have earlier attended a free property investment show, including seminars run by Pearson Jones Wealth management, Hunter's property experts.

Most of the lots at the auction, which starts in the Gimcrack Suite, at 6pm, are houses divided into bedsits and investors and developers have already shown huge interest.

But they are swarming over Sideways Cottage, a late 1800 three-bedroom stone detached home, which has stood vacant in Chapel Street, Hambleton, Selby, for the past 30 years. The guide price is £60,000.

Auctioneer John Waterhouse said: "It is part of a divorce settlement and needs absolutely everything done to it, but we have had more than 100 viewings from first time buyers, developers and speculators.

"A total refurbishment - of wiring, plumbing, windows, kitchen and bathroom - would be required, but it is worth it, particularly since it is detached and has a long rear garden."

Also attracting interest is a double fronted period town house in Carr Lane, Acomb, York, whose ten rooms fully let on short-term tenancy agreements produces about £29,000 in gross income per year. The guide price is £275,000.

Speculators considering increasing parking restrictions in the area of Clifton Green have earmarked warehouse premises behind a row of period town houses there.

The 37ft by 20ft premises have been used as a workshop and store room, but the auctioneers point out that there would be enough space to keep three or four cars parked under cover and up to five cars overall, depending on their size. The guide price is between £45,000 and £50,000.

Other lots include a four bedroom mid-terrace students' house in Seventh Avenue, Heworth, yielding £8,880 gross annual income with guide price of between £125,000 to £135,000, including furniture; a three bedroom semi in need of improvement in Burniston Grove, Tang Hall, York, with a guide price of £105,000 to £115,000; a three-bedroom terraced home in Knavesmire Crescent, overlooking York Racecourse at a guide price of £180,000 to £200,000; and a building plot with planning consent for a two-bedroom bungalow in Brecks Lane, Strensall, at a guide price of £60,000.

Updated: 09:19 Tuesday, November 01, 2005