The property in River Road Barking is a multi let industrial estate developed and part occupied by the vendors, Michael Linnell & Company, comprising premises dating from the 1970’s through to 2000.
A well located estate within an established industrial location in Barking, let to local covenants.
Our client’s required a sale of the freehold interest, but negotiated to allow sufficient time for them to relocate in the certainty that a deal had been agreed.
sbh Page & Read were instructed as sole agents to market the freehold interest of the investment. A marketing campaign was put in place with particular emphasis on contacting those investors which we know to be active within the east London industrial property market, with both the resources and flexibility to be able to complete the purchase.
In addition, we needed to negotiate a lease-back arrangements for our clients in order to allow time to relocate. A number of offers were received at and above the asking price and following negotiations with the preferred bidder, contracts were quickly exchanged with a delayed completion.
The sale of the freehold interest was agreed above the quoting price, with sufficient time for our clients to relocate to their new premises and to ensure that the funds from the sale were held in a tax efficient manner for future investment.