Representing a private Colchester based client, Fenn Wright estate agents and solicitors Ellisons have recently advised in connection with the acquisition of 40/42 East Hill, Colchester in the UK’s first online real time auction. The property bought was one of three orthodontic surgeries investments in Colchester, Blackpool and Chelmsford.
The East Hill premises comprised an attractive Grade II Listed orthodontic surgery let to Orthoworld 2000 Limited for a lease term expiring 10th November 2019 at a passing rent of 15,000 per annum.
The sale was conducted through London auctioneers, Singer Vielle, in a legally binding interactive online process, and attracted five online bidders. The price achieved substantially exceeded the 195,000 guide price.
The Colchester orthodontic surgery was the first of the three properties to be offered, making it the first ever real time online auction lot to be sold in the UK.
Lewis Chambers, Commercial Property Partner at Fenn Wright, said: “We approached the sale process with a degree of apprehension as this is a new sales medium. But with the benefit of thorough due diligence and excellent support from Philip Roberts at Ellisons solicitors, the online process proved very user friendly, and offers an interesting alternative to traditional methods of sale”.