BidX1 has recorded one of the most significant commercial auction results of the year with the sale of a retail parade in Essex, the highest value lot to be sold in a live auction outside London this year.
Sold on behalf of Thurrock Council, Derwent Parade attracted 170 bids and sold for £4.6 million against a guide of £3.7 million, making it the third highest value commercial property to be transacted at auction across the entire UK.
The asset was included in BidX1’s November auction, which saw the online auctioneer raise £15.5 million for various clients, achieving an overall success rate of 82%.
Thurrock Council sold a portfolio of seven retail parades at the auction, including Derwent Parade, underlining the strength of buyer demand for regional commercial assets.
With total reserves of £8.1 million, the Council’s assets sold collectively for £9.62 million, £1.5 million over reserve and representing a 17% uplift.
Each parade achieved 20%+ above guide price, supported by more than 900 individual bids across the portfolio. On the back of this momentum, Thurrock Council will bring a further six assets to auction with BidX1 on 16th December.
Corporate clients also saw strong results last week, with assets sold for Flagship Housing and SGN (Scotia Gas Networks), while receivers including Kroll and KR8, and local authorities like Slough Borough Council, also completed successful disposals through the BidX1 platform.
Simon Bailey, Head of UK Auctions at BidX1 commented: “Despite some wider economic uncertainty ahead of the November budget, some outstanding results were achieved for our clients, demonstrating investor appetite for well-priced asset management opportunities.
“An important indicator of current market conditions is the depth of underbidder liquidity; across the November sale, approximately £60 million in capital was left unspent, meaning buyers were actively bidding but unable to deploy funds due to competitive bidding. This bodes well for further assets being offered at our December auction”.
The results present a clear opportunity for asset owners and public bodies considering disposal, with technology-led auctions now attracting highly motivated private investors, family offices, and commercial buyers seeking income-producing regional stock.
BidX1’s December catalogue is now live at www.bidx1.com, with early indications of continued strong demand in line with the November results.
-------
Keep up-to-date: Follow us on LinkedIn.
