Online auction house BidX1 will hold its first UK online auction on 7 March with 67 lots on offer, EG can reveal.
It follows the Irish firm’s acquisition of London-based auctioneer Andrews & Robertson in January as part of plans to roll out an “omni-channel” strategy.
Stephen McCarthy, founder of BidX1, said vendors had responded well to the UK launch.
“We have been greatly encouraged by the level of interest in the first BidX1 auction among vendors, principally among the funds and private equity groups among whom we have built a strong following in Ireland. Interest from clients of Andrews & Robertson has also been a big positive, as vendors in the UK seek to achieve greater levels of transparency through the auction process.”
The first UK auction includes properties from England, Scotland and Northern Ireland, and includes both commercial and residential assets.
One of the most sought-after lots is expected to be a portfolio of 14 apartments within the distinctive Golden Fort development at Freshwater on the Isle of Wight (pictured), with total current rent of £131,400 pa and a guide price of £2.2m.
During the auction, all bids will be logged and displayed on the website. An indicator shows whether or not the guide has been met, enabling bidders to assess the levels of competition and market activity.
According to BidX1 Commercial Auction Sales Data for 2017, Grade A properties received an average of 67 bids with properties worth €500,000 (£444,000) to €1m generating an average of 38 bids.
Once the auction is concluded, BidX1 exchanges contracts on behalf of the buyer and the seller, and electronic and hard copy contracts are sent to the respective solicitors.
In the UK, BidX1’s online auctions will run alongside Andrews & Robertson’s continuing in-room auction business, the next of which is a 78-lot sale that takes place on the 22 February.
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