BidX1 posts strong success rate at second auction

BidX1, the pioneering online auction house, raised more than £2 million from its second UK auction, posting a 70% success rate in the process.

Held on April 26, the auction contained 40 lots of commercial and residential listings throughout the UK.

A strong amount of interest was generated by Lot 5, two adjoining semi-detached residential buildings made up of 12 units in Clarendon Road, Liverpool, with a lower reserve price of £360,000 leading to an online bidding war which resulted in an eventual sale of £489,000.

The lot had previously been offered in BidX1’s debut auction in March at a reserve price of £415,000, but failed to sell. The appeal of a lower reserve price, however, made sure the speed and impetus of the online auction process came into its own, resulting in a sale at a much higher price.

“Since our launch into the UK in March the platform has been rapidly gaining traction,” Stephen McCarthy, founder of BidX1, commented. “The online platform is bringing high quality lots to a wider scope of buyers with successful results. We are continuing to break down barriers within the auction market as our model gains popularity, particularly among the private equity and fund management vendors who appreciate its benefits.”

Another very sought-after property was Lot 7, a multi-unit residential property made up of three houses in Londonderry, Northern Ireland. These houses were comprised of three, four and five-bedroom accommodation respectively, together with a 0.37-hectare site. It sold for £265,000 above the guide price of £200,000.

Lot 3 was also a standout, with a mid-terraced two-bedroom house in Middlesbrough – guided at £21,000 - selling for more than double that (£46,000).  

There were other highlights, too, including: 121 Castleblaney Road in Co. Armagh, a cleared site extending 2.20 hectares with previous planning permission for a 10-bed hotel, restaurant and conference centre. With a guide price of £10,000, it sold for £22,000. And 49 Birnie Terrace in Glasgow City Centre, a first floor two-bedroom flat in a central location that was guided at £52,000 and sold for £62,000.

BidX1’s online auction runs alongside Andrews & Robertson’s in-house auction business. Its next auction is held on June 7 at The Montcalm Hotel in Marble Arch.