Dublin 12 development site sells for €1.5m using BidX1 platform

Another agent has used the BidX1 online property transaction platform to secure a sale. Kelly Walsh has just sold a Dublin 12 development site for 15 per cent above a previously agreed sale price after a purchaser pulled out of the original transaction.

The 0.87-acre site at Balfe Road in Crumlin with planning permission for 16 residential units attracted 19 online bids and was finally sold for €1.5 million.

BidX1 allows buyers to transparently bid on property and exchange contracts from any location in the world at any time and on any device. It is transforming some of the most time-consuming aspects of the private treaty sales process.

For the Crumlin sale, interested parties were provided with online access to a draft contract and copy title deeds three weeks prior to bidding. Two parties advanced to the bidding stage by signing up to the BidX1 terms and conditions and providing a €20,000 bidder security.

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Sale cycle

Bidding opened at €1.3 million and concluded 49 minutes later at €1.5 million. Each bidder could see the other’s bids and binding contracts were exchanged on the spot when the winner’s €20,000 security became non-refundable. The unsuccessful bidder had their deposit returned in full.

Garvan Walsh, a director at Kelly Walsh, said technology was now making life easier for buyers, sellers and agents. "We can now offer the BidX1 service to existing and new clients, shortening the sale cycle, providing transparency and obtaining best market price."

Agent QRE used BidX1 in November to sell a small office investment in Bray for 17.5 per cent above the guide price. This was the fourth time it had successfully deployed the technology.

Robert Hoban, managing director of BidX1, believes the system benefits the market in terms of "transparency, security, efficiency and accountability" while BidX1 reduces the typical sale cycle "by over 50 per cent".