CHALLENGE
Savills was instructed by a private client to provide advice on the disposal of the heritable interest (Scottish equivalent of freehold) in Goole Boathouse.
Savills carried out a market appraisal and made recommendations in relation to the appropriate method of sale, price, approach to marketing and pre-sale due diligence. Savills identified a number of irregularities with the planning permission and the Site Licence which did not reflect the current development and could disrupt the sale by way of price achieved or delay.
SOLUTION
Savills recommended that the planning and Site Licence should be regularised prior to proceeding with the sale. The advising agency team enlisted the assistance of the specialist Savills planning team to make the appropriate applications. During this period the agency team was able to prepare the property for sale to include organising drone photography, producing glossy sale particulars collating further information for the online data room and make arrangements for energy performance certificates and floor plans.
RESULTS
Due to Covid-19 both the Site Licence and planning permission responses were delayed and as such the agency team took the decision to launch the property to the market.
Response for the property was strong due to the premium location of the property after an early competitive process terms were agreed with a large company with limited experience in this market sector. Bank funding was not required. As this was an asset class the acquiring company were unfamiliar with they undertook a cautious and particularly detailed approach to due diligence enquiries.
During the period between heads of terms being agreed and completion of the sale Savills was heavily involved with the standard enquiries and further detailed negotiations relating to conditions set out in the purchasers offer letter. The sale was subject to the Site Licence being issued and due to the delays with the outstanding planning decision a retained portion of the sale proceeds was negotiated to allow the sale to complete on time.
The sale was time critical for the client and Savills worked with both vendor and purchaser to ensure the sale completed on the specified target date.
.jpg)