A commercial property in Kidderminster has sold for 81 per cent over its guide price after bidders were able to go head to head in the online auction room.
Leading property consultancy Fisher German has sold 101-104 Comberton Hill for £335,000, despite uncertain times in the market.
Using the online method of sale meant that the auction was able to go ahead despite the coronavirus outbreak, and the property achieved £150,000 more than its £185,000 guide price.
Lauren Allcoat, of Fisher German, conducted the sale and said that it was thanks to the online platform that the auction was able to take place.
She said: “Clearly with the onset of coronavirus and the government recommended restrictions, sale by traditional auction in a public place would simply not have been feasible and we would have had to postpone.
“However, using the online auction method meant we were able to continue with the sale and prospective purchasers could submit their bids remotely while socially distancing themselves.
“We agreed with our clients to set the guide price at a prudent yet attractive price level in light of the rental income being received and the nature of the property.
“This helped generate a strong amount of interest and the property achieved a fantastic result, selling for 81 per cent above its guide price.
“It is the perfect example of where the online auction method of sale can deliver exceptional outcomes for vendors, particularly in light of the current circumstances.”
Rob Champion, partner at Fisher German, added: “This is an exciting method of sale which will, undoubtedly, become increasingly adopted as vendors start to see the exceptional results that can be delivered.
“Land and property can be sold via online auction at any time and are not beholden to set dates, times or venues.
“As with all property matters however, taking professional advice is essential and not all land and property sales will necessarily be suitable for this method of sale.
“Pricing is crucial and an understanding of the likely buying market is also vitally important.
“We were extremely pleased with the result of Comberton Hill, and hope to see more opportunities of a similar nature coming forward before too long.
“There are cash buyers out there for whom investment in certain forms of property will be particularly attractive in light of the significant hit taken by the stock market.”