The client required us to openly market the 4.7-acre site, which was the Council’s last significant remaining piece of land at Segensworth, for industrial development subject to planning.
The site was ideally located between Southampton and Portsmouth near to the motorway, making it an attractive prospect to business owners and developers.
Keen to maximise capital receipt on behalf of the client, we developed a targeted marketing campaign which involved approaching all known developers active in the market, together with promoting the site through our online portals.
We ran a best and final bids campaign which resulted in strong interest, particularly from commercial developers at local, regional and national level.
The client relied on our depth of knowledge and expertise to oversee the process.
It went beyond the marketing of the land and included appraising the resulting six bids, shortlisting and organising interviews to scrutinise the offers – all of which had different conditions owing to the site being sold without any site investigation reports or topography surveys.
Two months after we went to market, Kingsbridge Estates was selected as the successful bidder.
In November 2018 an exclusivity agreement was signed and contracts were exchanged, conditional on planning.
In July 2019 the sale completed when Kingsbridge obtained detailing planning consent for a 93 775 sqft 12-unit industrial scheme.
As the sale was subject to planning, deliverability and certainty was vitally important to the client.
We had to be confident that the purchaser was going to make a planning application that would be broadly acceptable to both the Council and the local planning authority. Vail Williams’ vast experience with development projects proved invaluable in this process.
Not only this, whilst the client had identified the site was suitable for industrial development with the local planning authority, they were unable to commission ground investigation reports or topography surveys as it was green field land. This meant that all interested parties would need to carry out their own assessments.
Thanks to our depth of contacts, knowledge of the local market and expertise and understanding of the development process, we were able to develop and deliver a thorough marketing campaign which attracted credible offers and resulted in finding the right purchaser.
“I was impressed by the level of knowledge and expertise across the team at Vail Williams and the advice we received was excellent - from start to finish. They delivered an extensive marketing campaign with positive results and we are extremely satisfied with the service provided.”
Chris Jelliffe, Estates Team Leader, Hampshire County Council.
Other Property Acquisition and Disposal Case Studies
- Patrizia Immobilen and Oaktree Capital Management The commercial property acquisition and disposals team was instructed by Patrizia Immobilen and Oakt... Read more
- Ropemaker Properties c/o BP Pension Fund The commercial property acquisition and disposal team has acted for BP Pension Fund for a number of ... Read more
- REL Field Marketing Vail Williams was taken on by REL Field Marketing to secure a high quality mixed-use (office and war... Read more