A PRIME beachfront plot with no previous application history is up for sale for £1.25m in cryptocurrency – a first of its kind sale in UK property history.
Property consultants West London City Lets has launched a sub-agency Tokenized Properties to facilitate the sale of a real-world plot of land in Lymington using a Non-Fungible Token (NFT) for the transaction.
For sale is sea-facing land to the south west of Shingle Bank Drive in Milford-on-Sea on the edge of the New Forest District Council catchment area and situated around nine miles from Hengistbury Head.
The land has an approximate span of 120mx22m, a 380m perimeter and an approximate area of 2680sqm, consisting of a sloping sand, gravel and rock topography overlooking the sea.
A minimum asking price for the land is currently at £1.25m in cryptocurrency.
This is the first UK property company to support the sale of physical land through an NFT. It is also the first time this style of land sale has taken place in the UK.
The land is on sale for one month from September 26.
An NFT is a digital asset that represents a real-world object. NFTs are bought and sold online, frequently with cryptocurrency. They also have unique identifying codes.
Tokenized Properties has partnered with tech firm Mattereum, NFT agency Mint Collective, and a team of investors to facilitate the sale.
According to the consultants, selling the land as an NFT “eliminates the bureaucracy involved in standard property transactions”.
The sale will not be connected to any planning application as the plot has never been individually sold, therefore no planning permissions have been sought. This gives future buyers the opportunity to create their own vision.
However, 3D designs to develop the site into an art gallery, multiple artist studio pods or a high-end café have been created to provide inspiration to possible investors. Other uses could include water sports, entertainment or other activities subject to planning.
Idris Anjary, West London City Lets and Tokenized Properties founder, said: “NFTs being paired with physical assets is becoming increasingly popular within the crypto-sphere. We truly believe that this is the future of property transactions and are delighted to be embarking on this as our next adventure.”
Those who wish to bid must register via the Tokenized Properties website. Investors will be able to trade the NFT as many times as they wish for up to five years.
Visit tokenized-properties.com for more information.
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