Our services are regularly recommended to the owners of properties with apparent development potential by local solicitors, surveyors, wealth managers and other professional colleagues.
A property can only be sold once, and whilst any developer will tell you their offer is the best you're likely to get, there have always been many more buyers than opportunities! It's therefore vital that anyone selling a property with development potential takes expert advice.
In this instance we were recommended by TG Baynes Solicitors. The client was a second generation family investment company, and the asset was, well, a mixed-bag! Covering a quarter acre plot the property comprised residential, retail, office, storage & workshop space. During more than 50 years ownership the condition of the properties had deteriorated considerably, and with ongoing maintenance becoming more time-consuming and costly, the family decided to sell.
Interest had been forthcoming from developers and investors, but with a lack of lease agreements to document the various occupancies, nobody was willing to take the property on warts-and-all. Whilst time wasn't necessarily of the essence, our concerns about a sale centred on our clients' ultimate ability to provide vacant possession. The property undoubtedly offers potential for redevelopment, but we concluded that with some active management, the investment value could rival, if not exceed the residual land value for development.
We were instructed to market the property, and set about generating interest from investors as well as developers. Several offers were received, and as we suspected, a sale of the going concern was agreed to buyers who intend to improve rather than redevelop the existing buildings. The sale was completed on an unconditional basis, so there was no delay in waiting for a planning application either.
PROJECT ADDRESS: 314-316 Broadway & 1a-2a Pickford Road, Bexleyheath, Kent DA6 8AA