A terrace of four warehouse/industrial units.
The investment fund’s objective was to purchase the freehold interests of all the units on the estate to build up their investment portfolio and a strategic play for long term future redevelopment prospect of the estate.
The aim was to acquire four industrial/warehouse units forming of a part of a terrace built in the 1980s on an estate comprising of 15 units.
The client owned a majority of the estate apart from the four units which were under different ownership.
One of the four units was acquired from the open market which was being advertised by another agent. The purchase of the second unit was agreed off-market for our client which meant only two of the four units remain that needed to be acquired.
The last two were under one ownership, an owner-occupier with an operating business. The owner-occupier wanted a property to relocate to before they would consider selling their units on Thomas Road. After several months of searching, there was a property which matched their requirement but was off-market. The vendor of this property wanted a quick sale as they had an investor offering above the market value.
Our client’s main aim was to secure the two last remaining units to have a complete portfolio for development prospects. Therefore, we were instructed by the client to proceed in negotiating the purchase of the property for the owner-occupier. After numerous offers, we managed to agree a deal. At this point, it was very important all the parties including the solicitors met the timescales agreed, in order for the land swap of Thomas Road and the property on St Andrews Way was completed in the correct manner.
After successful negotiations, we managed to achieve our client’s main objective and purchase the unit to fulfil their long-term plans for development prospects within the estate.
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