Our Corporate Asset Services team managed the sale of this derelict public house in Bermondsey, SE1. The Fort pub is located on Grange Road adjacent to a small parade of shops. The site extends to the rear and offers potential to be redeveloped. The redevelopment of the site was explored by the previous owner following the pub being closed down, however an application for a new build block of 6 residential apartments was refused in April 2013. During the planning stage the vacant property was occupied by squatters.
We were contacted to advise on value and provide a marketing strategy to maximise value by the solicitors acting as trustees. In managing and arranging the sale, we undertook a comprehensive marketing campaigning including advertising in the Estates Gazette Property Journal and circulating details throughout the market and particularly to developers interested in acquiring in SE1, London Bridge and South London. Given likely demand for this asset we suggested the property was advertised for a short 2 week window with a view of securing a sale promptly thereafter.
Following the site being on the market for just 1 week, we had 7 formal offers all above the guide price. Contracts were exchanged within 5 working days following the sale being agreed, with completion taking place 6 weeks after. Our Corporate Asset Services team employs tailored solutions in order to maximise the value of assets controlled by corporate and institutional clients.
PROJECT ADDRESS: The Fort, Grange Road, London SE1 3AL
CLIENT: Solicitors acting as trustees