For the first time a prime
property investment in Mayfair is being
offered for sale with the ability to purchase online with a click. It will also
be the first time online execution of such a property will benefit from
The commercial property at
111-113 Park Street,
Mayfair, is being offered for sale for
£23m by a Swiss trust. Recently refurbished it is let on a long lease to
Landmark Space, at a rent of £76.63 per square foot with rental uplifts in line
with increases in the Consumer Price Index.
The agents Singer Vielle
comment: “The opportunity to acquire such a prime asset within prime Mayfair is rare. The opportunity to enable
worldwide investors to submit legal offers online is unique. The online
execution is provided by the Clicktopurchase platform.
already been used to execute online some £225m of real estate assets.
Purchasers submitting offers via the platform generate legally-binding
digitally-encrypted signatures on an electronic contract note. Acceptance
of an offer results in an instant legal contract execution. The entire
transaction audit trail and contract are anchored in Blockchain, providing an
advanced level of security, trust and accountability unavailable elsewhere.”
Blockchain, which has been described by one expert as an incorruptible digital ledger of economic transactions, has huge implications in the property world so it will be interesting to see how this pioneering use of the technology works out. Of course, it does presuppose that would-be purchasers are comfortable with the technology or even know what it actually is.
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