A vacant office building in Oxford owned by four Irish businessmen before it was placed into receivership will go under the virtual hammer next week, guided at £2.85m-£3.25m.
Lambourn Court (pictured), a 49,000 sq ft building on Abingdon Business Park to the south of the city, is among 41 lots in the latest UK catalogue offered by digital auction house BidX1. Bidding will open on 5 July.
The office building was owned by Irish business figures Dennis Cregan, Brendan Murtagh, Martin Punch and Eoin McCarthy before lender Bank of Scotland (Ireland) called in receivers last year.
The property, held on a 125-year lease from June 2000, may offer conversion potential and includes 197 car parking spaces.
It is the largest asset by value to be offered so far in the UK by Irish auctioneer BidX1 since it launched here in March.
The sale will also include a freehold unbroken apartment block in Birkenhead with a guide of £1.75m. It comprises 27 fully-let two-bedroom flats, producing a combined rent roll of £161,220 pa – a gross initial yield of 9.21%.
Further afield, two freehold blocks of apartments in Bingley, outside Bradford, are on offer, guided at £705,000.
BidX1 founder Stephen McCarthy said the larger lot sizes made this the firm’s “breakthrough UK auction,” demonstrating that vendors were “now keen to employ a digital platform”.
Last month, BidX1 held its largest Irish auction to date, raising €36m (£31.7m) across three days.
To send feedback, e-mail julia.cahill@egi.co.uk or tweet @egjuliac or @estatesgazette
