Win a £1.25 million complex of apartments in Wakefield

First there were houses, then there was a plot of land on a Greek Island, but the latest raffle is giving people the chance to be set up for life - by winning a complex of apartments in Wakefield worth more than £1.2 million.

By Nick Frame
Friday, 25th September 2020, 4:25 pm

Property investor Nigel Coxan is putting up the 13 modern dwellings on Manygates Park in the city as the prize that will rake in £75,000 a year for the lucky winner through rental income.

As an added incentive, the winner will also pocket £30,000 in cash up front, with the runner-up receiving £10,000.

Growing in popularity, raffling properties is giving people the chance of winning a dream home for just a few pounds, while giving the owners a chance to make more money than the property is worth through ticket sales.

Nigel Coxan is raffling off the £1.25m complex.

Mr Coxan, 47, who has a portfolio of properties, explained: “I saw the other homes go up, like that first one in Ossett, and I just thought it was good idea and thought I would give it a go.

“It’s the first time I’ve thought about doing something like this but whoever wins it, it will change their lives.

“They can either retire or have it as a second income.”

Mr Coxan, who grew up in the Wakefield area, left school at 16 and became a bricklayer after completing a Youth Training Scheme (YTS).

They will rake in £75,000 a year through rental income.

He moved into property investment in the early 1990s.

He has run the apartments blocks on Manygates Park for the past 15 years, but is now looking to down size his portfolio.

The apartments are spread across two blocks, which are just yards apart, with six dwellings in one and seven in the second building.

They consist of either one and two-bedrooms, and they are already fully let and managed by an agent. They also have an on-site maintenance team.

Tickets to win the apartments are £10 each.

“There’s been a lot of interest,” Mr Coxan added.

“People might worry that they are big buildings and think that they might not be able to manage them, but they don’t need to because it’s all done for them.

“I’ve spoken to some people who think it’s a great idea but there are some who don’t quite understand it.

“They’ve said things like they wouldn’t be able to afford the council tax or pay the electricity bill but that will all be taken care of.

“They will get back £75,000 every year, or they can sell it, it’s a doddle.

“The only cost to the winner is the price of a ticket.

“And if there are any problems I can advise them.”

Tickets for the raffle are being priced at £10 each, and there are 400,000 being made available.

If insufficient tickets are sold, the winner and runner-up, who are picked at random, will receive a share of the compensation amounting to 75 per cent of all ticket sales.

Raffall, the company who Mr Coxan is paying to carry out the draw, will receive 10 per cent of the takings.

The raffle will come to a close on April 21 next year - which is also Mr Coxan’s 48th birthday - and the lucky winner will then be picked out of the hat.

Should all the tickets be snapped up before then, the draw will be made sooner.

To buy tickets, click here.