Mayfair property to be ‘sold on blockchain’

A prime property investment, within London’s affluent Mayfair, is being offered for sale with the ability to purchase online by a ‘click of a button’ on execution platform, Clicktopurchase.

Clicktopurchase claims this will the first online execution of such a property in the UK to benefit from blockchain technology.

• What is blockchain and how does it work?

The property in question, 111-113 Park Street, Mayfair, is being sold by a Swiss trust, and is available at a price of £23m.

Neil Singer, CEO of Clickto, said when he first created the concept of Clicktopurchase, “many suggested no one would buy a property online”, and once the firm had established, “many, agents in particular, told me that no larger transactions would ever occur online.”

He added: “I have continually maintained that online execution would start small and expand so all transactions occur digitally.  The sale of a £20m+ London property is indicative of how things are progressing.

“There is a lot of hype about blockchain but as far I am aware, no other property business is regularly using the technology. Proving a genuine use for blockchain technology may encourage adoption elsewhere.”

Both UK and international parties will be able to purchase the investment online.

Clicktopurchase has already been used to execute £225m of real estate assets online. 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 attached in blockchain technology.