A retail parade in Essex was one of the star attractions at BidX1’s November commercial auction.
Derwent Parade in South Ockendon (pictured) attracted 170 bids and sold for £4.6m against a guide price of £3.7m.
The asset was part of a portfolio of retail parades put up for sale by Thurrock Council, which sold for a total of £9.62m.
Each parade sold for more than 20% above guide price and as a result, the council is selling a further six assets at BidX1’s December auction.
BidX1 raised £15.5m in total at its November auction, achieving an overall success rate of 82%. The online auctioneer sold assets for the likes of Flagship Housing, SGN (Scotia Gas Networks) and local authorities, like Slough Borough Council.
Simon Bailey, head of UK auctions at BidX1, said: “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 £60m 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.”
