After more than half a century of ownership and use by their business, this prominent builder's merchants site had become surplus to requirements and our clients began to explore the notion of a sale.
Whilst the site offered obvious development potential, the 0.38 acre plot included commercial, warehouse and yard space which is rare to find in a roadside location; particularly on a freehold basis. Prior to our involvement, the seller experienced a couple of false starts with developers on a conditional basis. We advised that by adopting a full and thorough marketing campaign we were confident of achieving a similar price, if not more on an unconditional basis.
It was clear to us from the outset that this site would be of interest to owner-occupiers in addition to developers, and it's impossible to predict just what level of premium an owner-occupier will pay for a site in the right location. Our two block viewings were attended by more than 40 parties, several offers were received and a sale was promptly agreed with an owner-occupier who had been looking for a premises in the area.
The price achieved was on par with the conditional offers previously entertained by our client, but given that the sale was unconditional, there was no delay in waiting for a planning application. Contracts were exchanged within 4 weeks, and completed just a couple of weeks later.
Whilst a property may appear to offer development potential, sometimes the best value rests in the existing bricks and mortar! We're always willing to appraise properties where the value is hard to pinpoint, and advise accordingly. If you or a client would like the benefit of our free advice, please don't hesitate to get in touch.
PROJECT ADDRESS: Seccombes Builders Merchants, 794-796 Wickham Road, West Wickham CR9 8AN
