Graham + Sibbald’s experienced and highly qualified Agency team provide a comprehensive range of services covering all aspects of the acquisition, disposal and development of commercial property. Their wide-ranging expertise covers all commercial property sectors, including offices, retail, industrial and student accommodation.
Following the provision of an indicative value, the marketing process was initiated by the Graham + Sibbald agency department. This was combined with continual client updates and professional advice relating to the existence of the ground lease and the best approach to maximise value.
The agency department created an electronic marketing brochure which was distributed via the Graham + Sibbald website and external platforms such as CoStar and Realla. The aforementioned was also distributed to their detailed list of active clients and more broadly to businesses within the local and regional area.
Purchaser demand was high, however it emerged during marketing that a ground lease was held over the demise. This required legal confirmation and consideration as to the potential effects on value. Thereafter, the information was related to all interested parties.
The initial value was anticipated to be in the region £250,000 however a sale price in excess of £280,000 was secured for the premises.
In addition to a higher sale figure, the marketing process was completed in a relatively short period, approximately 3 months, with a closing date having been set on 20th March 2019.
Whilst much credit is taken for the proactive marketing in ensuring that the best value was achieved, the asset itself is indicative of the buoyancy of the industrial occupier market at present, particularly for compact and affordable accommodation which benefits from a large and secure yard.
The proactive marketing coupled with timely feedback to interested parties and a willingness to accommodate numerous viewings is considered to have enhanced demand.