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BidX1 April Auction

BidX1 UK announce details of three April auctions

BidX1 has announced three new catalogues ahead of forthcoming online auctions on 3rd, 7th and 29th April, with a total reserve value of almost £30 million. The announcement comes amid increasing uncertainty for estate agents and traditional ballroom auction houses in light of the COVID-19 pandemic.

The 3rd April auction, held in association with Foxtons, will showcase 31 residential properties located across London and Greater London. The launch of this latest catalogue marks the second offering from BidX1 and Foxtons following last month’s sale of eight out of nine properties, raising £3.6 million. 

The collaboration offers a number of standout opportunities, including a portfolio of seven lots – six self-contained flats and one large freehold house – located within The Royal Borough of Greenwich. Ranging from a one bedroom flat in Blackheath to a three bedroom cottage close to Greenwich Park, the portfolio comprises both tenanted and vacant properties with a total current rent reserved of £128,796 per annum. This lot is listed with a guide price of £6.5 million.

The catalogue also includes Lot 20, a seven-bedroom house listed at £775,000 and arranged as a House in Multiple Occupation (HMO). Licenced until October 2022, the property provides a current rent reserved of £49,920 per annum and offers a high yielding investment opportunity for the new owner.

BidX1’s second auction of the month on 7th April will comprise 51 residential and commercial properties located across the United Kingdom and Northern Ireland. Lot 13 is a freehold six storey period building arranged over 9,571 sq ft. Located in the Lake District, Barclays Bank have been in occupation since 1969 and the current passing rent is £87,400 per annum, reflecting a gross yield of 8.74%.

FTSE 100 utility company Severn Trent have also listed nine lots with the digital marketplace for April, including a number of freehold sites with development potential. One of the more unusual is Lot 46, a former distribution booster station and reservoir in Linley, Shropshire. The freehold buildings, which come with 0.36 acres of land, offer potential for development, subject to the usual planning constraints, and the lot is being offered with a guide price of £35,000.

The digital platform is also holding an auction on 29th April for thirteen luxury holiday cottages located in Cornwall and the Isle of Wight. Sold fully furnished and within attractive locations, the properties offer a 7% net return upon completion.

BidX1 has sold over 8,000 properties across five markets to date, raising more than £1.5bn. With buyers from 23 countries, BidX1 has long championed the flexibility, data, transparency and global reach provided by its platform.

Stephen McCarthy, Founder & CEO at BidX1, said: “As market-leaders in the digitalisation of property transactions, we are fortunate that our unique business model allows us to ensure continuity for our buyers and sellers, and for our teams, at such a challenging time. 

"We take the marketplace to bidders, allowing them to transact from wherever they are, removing the need to attend a fixed physical location; buyers can bid from any device, anywhere in the world, in a safe and secure environment.

"We will continue to do what we do best: secure and efficient digital property transactions, overseen by property experts.”

Almost 25,000 bids were placed across the platform last year, ranging from Ireland to the US, Australia, Norway, Singapore and New Zealand.

BidX1 data shows that over 40% of potential purchasers bid from their smartphone, many setting bids automatically overnight and from other time zones.

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