Two property investments at London’s prestigious Skyline Plaza have been sold using the revolutionary online purchasing platform clicktopurchase®.
Two commercial interests within Skyline Plaza were offered with the functionality of clicktopurchase whereby legal offers to treat are submitted online either by private treaty, best offers or real time auction depending upon the selling agents selected option.
The flexibility to opt to close the sale online through clicktopurchase best offers produced the following impressive results:
· 16 online clicktopurchase private treaty offers to treat submitted, totalling consideration in excess of £20m
· Ground rent sold for a yield sub 3%
· Leasehold investment to Bathstore sold sub 4.5%
Neil Singer, CEO of Clicktopurchase, said the sale demonstrates how the private investor sector has now fully embraced online technology, with the proven benefits to both buyers and sellers.
He added: “In recognition of the strong interest in the investments, it was decided to close the sale using Clicktopurchase “best offers”.
“It was decided not to sell by online real time auction since this would have prevented bidders participating who were only seeking to purchase both interests.
“Whereas the traditional agency model of “best offers” is open to exploitation as bidders and agents will hold back until after a deadline in the hope of exerting pressure for some inside information, the online technology means the platform is shut from the deadline and no offers can then be submitted.
“For the seller it ensures that offers received are genuine with true commitment at the maximum levels; for buyers they can rest assured that any offer cannot be used against them, providing true fairness, transparency and accountability.
“The fact that so many offers were submitted proves investors are willing to participate in such a fair and transparent process.”
The technology supplied by Clicktopurchase is the first, and currently only platform, in the UK to enable clients to buy and sell commercial and residential properties securely over the internet.
The agent operated platform provides three unique facilities: online exchange of a private treaty property contract, online exchange of a private treaty property contract by “best offers” and thirdly online real time auctioning with a live auctioneer interacting with the bidding audience.
Its creators believe they’ve pre-empted an inevitable demand in the property sector to carry out transactions entirely on the internet.
The Skyline Plaza sales were conducted upon behalf of the global asset management group, The Carlyle Group, and Generation Estates through niche property agency Singer Vielle.
Singer Vielle offered a freehold ground rent investment let for a further 96 years at an initial rent of £30,000 per annum. At the same time, the agency offered a long sub-leasehold interest within the same property, let short-term to Bathstore at £90,000 per annum.
Nicky Barker, of The Carlyle Group, said: “We had never used anything like clicktopurchase before when selling. The ease of use, speed and professionalism it brought to the selling process was a delight. Above all, it helped deliver an impressive result – and provided certainty”
Gareth Davies, of Generation Estates Ltd, added: “This is the second time that we have sold a property in London through clicktopurchase best offers.
“After a very successful and hassle free first experience, we had no hesitation in recommending the approach to our partners at The Carlyle Group.
“The decision has proved to be correct as evidenced by the outstanding result achieved by Neil Singer and his team.”