The properties, located at 24-32 Canute Road and 157-159 Albert Road South, were analysed by our team of acquisitions and disposals experts, and an extensive marketing report was produced.

This contained recommendations for achieving best value from the properties, in addition to an assessment of the value of the freehold and long leasehold interest based upon existing use and various alternative uses of the site.

We then produced a marketing campaign to promote the sale of each property, which focused on targeting existing use, student residential accommodation, private rented sector, private sales, housing associations and finally hotels.

Knowing the market in the area, we felt the hotel sector was an area to pursue due to the good access to the city centre and public transport as well as the benefit of Ocean Village being close by.

Southampton is well known for being one the busiest ports in Europe and with the cruise ship terminal being within a mile of the property we saw this as a market we would like to exploit.

We secured numerous offers from interested parties - both conditional and unconditional - upon securing planning consents.

However, due to the nature of the sale an unconditional offer was more attractive to the receivers.

Challenges

As a result of a number of unknown issues relating to the site, such as the potential for contamination from previous uses, it was difficult to determine the value of the site. Nonetheless, we were able to do this effectively, and secured a successful sale, in line with the client’s expectations.

Multiple items had been left in the property from the previous occupier, so it was also necessary to manage this aspect during the sale. We were able to agree with the purchaser that the contents would remain in-situ after completion.

As a result of the success of the marketing campaign, more than 80 enquiries were received, each of which had to be managed to ensure that full information was available to all parties.

To assist with this, a dataroom was made available to all interested parties, which supplied the necessary information regarding the property.

Action taken
  • Development consultancy
  • Valuation of complex property asset
  • Targeting of multiple sectors to enable the property to be fully exposed to the market, with emphasis on targeting the hotel market
  • Management of comprehensive marketing campaign
  • Management of multiple enquiries for the property
  • Liaison with solicitors and purchaser regarding their requirements
  • Assessment of offers received to achieve best value and the completion of the sale
Result

As a result of the advice provided by our expert team of advisers, and with an extensive marketing campaign which allowed the property to gain full exposure to the market, we were able to secure a quick sale within just 5 weeks.

The property was sold on an unconditional basis without complication, to a well-established hotel operator.

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