An Internet domain name, www.sms.co.uk, synonymous with the telecoms and messaging industries looks likely to set a record for the price of any UK based domain name to date.

The sale will take place in November 2005 by Private Tender and via internet auction at the sms.co.uk web site. Potential bidders are warned that a reserve has been placed on the name and the Tenders Sale will take place on a sealed bid basis, with a closing date expected to be 4 November 2005 when all bids will be opened and the name will be sold to the highest bidder, assuming that the reserve price has been met.

The two company’s involved in the sale are Hollywood Internet Ltd is the Birmingham based company behind the sale, along with and chartered surveyors, GVA Grimley. This is the first time that a major real estate agent has been involved in the sale of virtual real estate, a fact that is bound to generate excitement in the industry.

Russell Hobson of GVA Grimley said, “We at GVA Grimley have been extremely diligent about researching the market. We looked at valuation methods and agree with David Carter - there is no way to value a domain name accurately - it all comes down to what people are prepared to pay, hence the sealed bid Tender”.

Posted: 10|9|05 at 1:29 pm. Filed under: UK News.