Forty-two flats in a converted mill sold yesterday in ten minutes 43 seconds via crowdfunding.
There were 318 investors, piling in at the rate of £1,405.17 per second.
Representing the largest offering yet to list on property investment platform Property Partner, the property is in Gainsborough, Lincolnshire.
It was put on offer with a funding target of £843,000 and a 60% mortgage.
The property was purchased for a total of £1.82m – said to represent a 7% discount on value.
Total rent for all 42 properties is £190,000 a year, with 35 already tenanted.
The 60% mortgage is a five-year fix at 4.5%, tying in with Property Partner’s five-year exit option.
Any investor who wants to get out before then can trade their shares on the Property Partner platform.
Almost £1.9m shares have been traded so far, since what looks to have been the astonishingly successful launch of Property Partner in January.
Dan Gandesha, CEO of Property Partner, said: “This purchase of a block of 42 flats sums up our future ambitions.
“Normally, only institutions, private equity houses and hedge funds would stand a chance of investing in a bulk-buy like this and building up a sizeable property portfolio.
“But now anyone can invest in blocks of properties for as little or as much as they like.
“This is bringing power and choice to smaller investors. And this particular opportunity offers an attractive net yield and immediate capital uplift for investors.”
It would be interesting to see an analysis of how this route for BTL investors may impact on the high street
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Wonder how many of these “smaller investors” complain that they’ll never be able to buy their own property in London because there is a “lack of housing”.
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More dangerous than buying off-plan ? Let’s hope the people in charge know what they’re doing.
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