Faithorn Farrell Timms were appointed by Vivid Homes in August 2016 to advise on the disposal of the freehold of offices, which our client had occupied for a number of years.
They were seeking relocation in mid-2018 but sought earlier Certainty of Capital Receipt. They are required to illustrate that they have secured optimum sale proceeds.
Our role was to assess the market for such property, and to consider and advise on an appropriate Marketing Strategy to meet our client’s objectives.
- The building was in need of refurbishment and a decision was required on whether to undertake work in advance of marketing
- The building was suitable for conversion to residential, and a decision was required on whether to apply for planning permission or prior approval under Permitted Development Rights
- The requirement for early marketing, but Delayed Completion, was challenging and potentially restricted the market to investors prepared to accept delay, and only those owner-occupiers who had similar time-scale requirements to our client.
We carefully considered and prepared an appropriate Marketing Strategy to meet our client’s objectives and address all challenges.
We arranged extensive marketing including:
- National and regional advertising
- Erection of a suitable “For Sale” board
- Targeting of neighbouring and local occupiers, in addition to regional land-owners and agents
- Flexible viewing arrangements
- High quality Sales Particulars
- Setting up of data room uploaded with Information Pack, including Site plans, Floor Plans and Legal Pack
- Invitation for Offers by Informal Tender, by a set date but after an appropriate period of marketing
All client liaison, communication with interested parties, including provision of information, discussions and viewings, were conducted personally by Barry Carey, Head of Agency and Valuation.
After receipt of informal tender offers:
- We prepared a detailed report on the quality and quantity of offers and offerors
- We recommended the invitation of a second round of Best and Final Offers from those who had submitted highest bids
- We prepared a final report, recommending acceptance of the highest offer, subject to discussions and agreement on timing and other details with the chosen purchaser
- We prepared and agreed Heads of Terms with our client and the purchaser
- We issued Heads of Terms to parties and their solicitors and liaised with them all throughout the process to Exchange of Contracts
- This carefully conceived and managed process resulted in a sales figure achieved of approximately £2m, which was well in excess of valuation advice and our client’s expectations