We provided strategic property advice in relation to the marketing and sale of one of its multi-tenanted properties, Admiral House in Windsor.
Located in the centre of the historic affluent Royal town of Windsor, the property comprised 8,817 sq.ft. of office space, with 23 car parking spaces. The property also had the benefit from a planning consent in 2011 for conversion to 12 residential flats that had yet to be implemented.
However, by 2016/17 the client wished to sell the property and working together with them, our investment team provided sale advice. Before the building could be marketed, however, an existing tenant exercised their break option.
Drawing upon the expertise of our office agency team, we advised Jansons to wait until the building was 100% let again before considering taking it to market.
This would reap the best possible outcome and make the investment more saleable.
Our office agency team was subsequently appointed to source a new tenant and secured Giovanni Rana UK, taking a 10-year lease with a 5-year break option.
The investment team were appointed jointly with Bray Fox Smith to pull together a comprehensive marketing brochure detailing the key selling points of the opportunity for potential investors, including reference to its excellent location and travel links, residential planning consent and asset management opportunities such as the prospect for future rental increases from existing occupiers.
The investment was subsequently marketed to a number of well-known investors and developers in the market.
Our investment team sought offers in excess of £3.78 million and brought forward a number of interested parties and investors for consideration by the client.
Having carried out the necessary due diligence, we were able to secure an offer to buy the asset from the RO Group, which was £220,000 over the asking price.
Once one of the building’s tenants exercised their break option, we needed to re-advise our client on the property sale.
Drawing upon the expertise from our office agency and investment teams we were able to advise on waiting a further 6 months to secure a new tenant that would help create the best possible value for our client.
By making the property a more attractive proposition being 100% fully let, we were able to secure a number of offers that met our client’s objectives.
By working together with the client to understand their strategic needs, whilst recognising the market potential and the benefits of selling a fully let asset, we were able to secure the best possible outcome, securing a sale price that was 6% ahead of our quoting price.
Christopher Thomas advised jointly with Vail Williams LLP on the agency instruction.
“We’re grateful to the team at Vail Williams, who went above and beyond to secure the best possible outcome for us. Their expert knowledge of the property market in the Windsor and surrounding area helped to secure several interested parties, which in turn, allowed us to negotiate the best possible disposal deal.” Huw Williams, Development Consultant, Jansons Property.
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