A Hong Kong-based buyer was the final bidder for a £1m commercial lot in Bond Wolfe Auction’s latest sale.
Lot 27, an industrial/office building (pictured) at 122 Holyhead Road, Birmingham, producing annual rental of £75,000, went under the hammer late in the evening Hong Kong time.
The 17 February auction attracted bidders from all over the world and achieved a record sales figure of £24.6m and a 96% success rate.
Sue Randell, chief operating officer of Bond Wolfe Auctions, said: “From our Midlands base, we now attract lots from across the UK. But recently we have been receiving enquiries and seeing bidders from Hong Kong, France, Spain, Holland, China and Singapore, to name just a few.”
The auction had more than 3,500 registered bidders, with over 23,000 tuning in to watch the auction live.
Randell said: “Moving to online, live-streamed auctions has opened up our catalogue to buyers who would never have attended a one-day physical auction in Birmingham. This has been one of the few positives to come out of the changes we have all had to make because of the coronavirus pandemic.
“Time zone differences don’t seem to matter when there is a good value investment to be had by bidding online, and our overseas buyers have proven very proficient in organising their professional advisers to complete on the tight timescales required by auction conditions.”
Bond Wolfe’s next auction takes place on 31 March.
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