Mayfair Property First To Be Sold Using Blockchain

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 Blockchain technology.

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.

“Clicktopurchase has 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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Source Singer Vielle
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