BidX1, the digital property investment platform, will hold two auctions next month, following a 91% success rate in September.
The first auction is taking place on 4th November and will see 49 lots go under the hammer, both residential and commercial, with a combined capital value of £17.5 million. Later that month, on 26th November, BidX1 will hold a bespoke sale of eleven flats in Hackney and Tower Hamlets, on behalf of a major housing association.
The highest value property on offer on 4th November is Westway Retail Park in Cumbernauld, Scotland. BidX1 are working with Savills to bring the heritable, 11-unit retail park to market, which has been listed with a £6.5m guide price. This reflects a net initial yield of 13.76% and a low capital value of £47.89 per sq ft.
An established retail park, constructed in 2006, Westway is conveniently located just 2 miles from Cumbernauld town centre and 14 miles from Glasgow. The park is anchored by B&Q (74.1% of the current income), with other key national tenants including Halfords, Carpetright and Pets at Home. Currently 85% let by floor area, Westway generates a gross passing rent of £1,051,950 per annum, with a net operating income of £946,512 per annum.
Also on offer is a freehold mixed-use investment at 329 Romford Road, Forest Gate, offered on behalf of the joint fixed charge receivers. The ground floor retail unit is let to Superdrug Stores Plc, providing £90,000 per annum, for a term expiring in 2025. A banqueting suite and restaurant occupy the first floor, while the second floor is arranged as three flats. The total annual rent roll is £130,000 and BidX1 are guiding £1.75m for the property.
Meanwhile, Southwark Council have engaged BidX1 to sell a three bedroom split-level maisonette at Forest Hill, following the sale of two similar properties last month. The property forms part of a large Edwardian building and has a guide price of £570,000.
In September, the online specialists sold two properties for the same client – a freehold four-bedroom house in Kennington, within the Elliots Row Conservation Area, which sold for £806,000 from a guide of £750,000; and a freehold Grade II listed four-bedroom house in Camberwell, which was guiding £700,000 and sold for £800,000.
Another highlight from the latest offering is Ty-Gwn Farm, a 214-acre property in Mid Wales with sweeping views across the Irfon Valley, offered on behalf of Executors. Situated on the edge of the Brecon Beacons and Cambrian Mountains, and just a mile from the picturesque town of Llanwrtyd Wells, the property offers some 168 acres of green pastures and 46 acres of woodland.
Llanwrtyd Wells is officially the smallest town in the UK, famous as the home of the Bog Snorkelling Triathlon, and a stop on the spectacular Heart of Wales Rail service, which connects Shrewsbury and Swansea. Ty-Gwyn has been listed with a guide price of £675,000 - £825,000, offering a unique opportunity to refurbish and re-occupy traditional stone farm buildings which offer stunning views over the valley.
Eight small sites for JC Decaux, and four offered on behalf of UK Power Networks, will also go under the hammer.
On 26th November, BidX1 are offering eleven flats located in Hackney and Tower Hamlets. The properties, all of which are being offered with vacant possession, range in price from a guide of £185,000 for a one bedroom flat in Bethnal Green to £410,000 for a four bedroom flat in Hackney. The online specialists have arranged the bespoke sale for a major housing association.
Oliver Childs, Head of Commercial Auctions at BidX1, commented: “We’re ramping up activity as we move towards year-end in order to allow clients to benefit from the robust investor demand for UK real estate.
“We’re pleased to be acting on behalf of both new and existing clients – and to be putting the platform to good use with bespoke sales that suit their specific requirements.
“Working with Savills on the sale of Westway Retail Park means the vendor benefits from a combined skillset and therefore a greater depth of expertise and advisory. This approach is likely to become increasingly attractive for clients who want to ensure optimal outcomes for their assets.”
BidX1 raised more than £22m through various auctions last month, with a success rate of 91%. This included the sale of two North-West shopping centres in Liverpool and Ellesmere Port, also offered in conjunction with Savills. Both schemes were purchased prior to auction by a property company, for an undisclosed sum, which BidX1 has confirmed was significantly in excess of the combined guide price of £7.6m.
The Belle Vale Shopping Centre provides 302,831 sq ft (28,134 sq m) of retail accommodation with a total of 67 retail and leisure units. Currently 83% let by floor area, tenants include Wilko, B&M, Argos, McDonald’s, Greggs, New Look and Poundland. The gross passing rent is £1,802,529 per annum, resulting in a net operating income of £1,024,735 per annum.
The Port Arcades Shopping Centre boasts a strong range of tenants including Wilko, Iceland Food Warehouse, EE, Peacocks, Specsavers and Boots, but also offers significant asset management potential totalling 326,217 sq ft (30,307 sq m). The centre is currently generating a gross income of £1,566,965 per annum.
Three neighbourhood convenience stores located in Cardiff, Worcester and Leicester – offered on behalf of a property company – were all sold prior to auction, with a combined sale price of almost £3m.
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