BidX1 UK launches into industrial sector with first auction of 2019 expanding UK portfolio
BidX1 has announced a diverse catalogue of assets for its first auction of the year. Expanding its digital offering, the auction house will feature a number of industrial properties on its platform for the first time in the United Kingdom.
The February catalogue lists 89 lots ahead of the virtual hammer on 26th February, consisting of 14 commercial and 75 residential assets with an average lot size of £244,382.
The lots represented include several industrial units in Manchester, the West Midlands and Kent. An example of what is expected to be a popular industrial lot is a freehold investment in Manchester, let to a specialist MOT centre with a lease expiring in 2028 and producing over £35,000 per annum.
Another similar asset on offer includes Units 1 and 2, Frederick William Street located in Willenhall, between Walsall and Wolverhampton. The lot is a virtual freehold investment of approximately 166.48 sq m (1,792sq ft) which has been let to Pre-Hospital Advanced Care Team Ltd with 9 years unexpired on the lease. The property produces an income of over £13,000 per annum.
The BidX1 catalogue provides further opportunity for private property investors with units located in Sheerness, Kent that produce an average rental income of £8,500 per annum.
As BidX1 expands its commercial offering with industrial lots, there continues to be investment opportunities within other commercial sectors, as well as a healthy appetite for residential property.
Standout residential lots within the catalogue include:
- Lot 10, located in Bethnal Green, is a freehold two floor terraced house with a guide price of £750,000 and is being sold by order of a major housing association.
- Lot 11, in Balham, is a freehold two-floor semi-detached house with a front and rear garden. The residential property is in full vacant possession for a guide price of £810,000 and is being sold by order of London Borough of Wandsworth.
- Lot 47, in West Norwood. The property has a guide price of £1,500,000 and is a freehold three floor semi-detached property arranged as thirteen self-contained flats, with investment potential of producing £104,460 per annum.
- Lot 66, located in Tottenham, is a long leasehold self-contained flat. The property has a rear garden and is being sold for £360,000 by order of a major housing association.
Oliver Childs, Head of Commercial Auctions at BidX1, commented: “We’re seeing a high demand for industrial lots as this asset class continues to outperform most other sectors, partly reflecting the boom in e-commerce and business owners requiring warehouse space to accommodate diverse business models. Our agile platform and digital reach has allowed us to respond to this demand.
“Following the successful launch of BidX1 into the UK market in 2018, we are continuing to see traction as we enter the new year with another strong catalogue. The digital auction platform provides a level of transparency, data and ease of use, with buyers able to complete informed business transactions through their purchase of commercial and residential lots.”