CHALLENGE
Gillingham Marina had been in the ownership of the Parham Family for over 40 years since they established the business in the 1970s, and over that time they had continued to invest in the site to create an award winning "one stop boating experience". As some of the family wished to retire a decision was made to dispose of the property, which included a 491 berth marina and a 33,026 sq ft purpose built leisure centre which offered purchasers a potential redevelopment opportunity following its closure in February 2021 as a result of the Covid pandemic.
SOLUTION
In August 2019 Savills was instructed to handle the sale on behalf of the family, and began working with the clients to collate together the detailed information required for this complex sale. A bespoke marketing campaign was prepared comprising preparation of high quality sale particulars, advertising in national publications and relevant websites, a press release for circulation to Savills national and local press contacts and target mailing of parties registered on Savills Leisure's applicant mailing list. An online data room was also prepared in order to present the large volume of information about the property and business to prospective purchasers.
RESULTS
The property was launched to the market in March 2021 and following the strong level of interest generated by the marketing campaign, a closing date was set for the submission of offers by Friday 14 May 2021.
Savills worked closely with the client's legal and financial advisers throughout the sale process, and were heavily involved in negotiations between the vendor and purchaser. The sale was concluded at the end of November 2021 to an experienced leisure operator for an undisclosed sum.
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