On Wednesday 25th of March, Bamboo Auctions broke yet more records on our platform with a property selling for £5.4 million.

With an original guide price of £800,000, this commercial plot boasting 14.56 acres of land, in Grays, Essex, skyrocketed to success showcasing the strength and the type of properties that can sell at online auctions.

The property was sold by Clive Emson Auctioneers, using Bamboo technology. The success of this auction was demonstrated by the staggering stats; with 113 bids placed by 6 different bidders.

At over 575% above the guide price, this sale is the most expensive lot sold using Bamboo’s technology.

Robin Rathore, CEO of Bamboo Auctions said,

“Lot 22 success pushes against the stereotype that only run-down properties sell at an online auction and opens the gates to show how all properties regardless of scale, size or location sell successfully and for high value at an online auction. Prices ranging from £1000 to 5.4 m shows the range an online auction can provide. Given the speed and certainty that our platforms bring to the transactions, agents are using online auctions platforms to sell a variety of properties. Whilst we still see the expected fixer-uppers and development opportunities, we’re now seeing more owner-occupied properties and commercial properties selling successfully. Everything we do at Bamboo is designed to improve our offering to agents; helping them to sell more properties. We are continuing to drive the market with new innovative technologies and in doing so, we’re winning over the stigma associated with property auctions and driving online auctions into the 21st century."

Paul Bridgeman,Regional Director & Auctioneer, Clive Emson Auctioneers

“This commercial investment had strategic value owing to its location, not to mention it’s 14.36 acres. We knew that this would generate interest and have a lot of competition but nothing could prepare us for how high the bidding would go, but that’s the power of auction. The reserve price was hit within the first day of bidding and the amount then increased day by day with 113 bids in total and making history with this lot achieving the highest value sale for an online auction outside of London. The whole experience working with Bamboo Auctions technology was seamless from start to finish and the team interacted perfectly throughout the whole experience.”

If you are an Estate agent/auction house looking to take advantage of our technology and control your own online auction service can get in touch today by clicking the button below.