Online auction house BidX1 has launched its first UK online auction after its acquisition of auctioneer Andrews & Robertson as part of the ‘omni-channel’ strategy launch in January 2018.
The 67-lot catalogue will go under the virtual hammer on March 7 2018, with bidders from across the British Isles as well as from international markets expected to participate.
Properties from England, Scotland and Northern Ireland – both commercial and residential assets – will be included in the first UK auction and will mark the official launch of BidX1, Ireland’s largest property auction house, into the UK market.
One of the most popular and 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.
The 14 apartments are expected to be in very high demand, with total current rent of £131,400 per annum against a guide price of £2.2 million.
“We have had a strong response to our first UK auction on the March 7, with a variety of properties for sale from across the UK,” said Stephen McCarthy, founder of BidX1.
“Vendors have been attracted by the prospect of a wider target pool of buyers than is possible through traditional auctions. Our secure site ensures the democratisation of the auction process, with buyers relishing the prospect of a more transparent process as well.”
In the UK, BidX1’s online auctions will run in line with Andrews & Robertson’s continuing in-room auction business, the next of which is a 78-lot auction which takes place on February 22 – forming an omni-channel auction powerhouse which pairs new technology with traditional sales techniques.
All bids are logged and displayed on the website, with an indicator showing whether or not the guide has been met – allowing bidders to clearly assess market activity and levels of competition.
According to the 2017 BidX1 Commercial Auction Sales Data, Grade A properties received an average of 67 bids while properties worth £0.5 million to £1 million generated an average of 38 bids.
Once the auction is over BidX1 will exchange contracts on behalf of the buyer and seller, with electronic and hard copy contracts sent to the respective solicitors. Apart from the process of the online auction itself, all other aspects of the event will be the same as an in-room auction.
“Our online auctions have proved popular with a diverse range of both buyers and sellers as the online platform creates a more widely assessible process for participation,” said McCarthy. “At BidX1 everyone’s invited – we look forward to opening the bidding on our first UK online auction.”