After 90 plus years of ownership and occupation by their business, A Pile & Sons decided to explore the notion of a sale. Whilst they had been approached regularly over the years on a subject to planning basis, they wanted to pursue an unconditional sale.
Freehold industrial sites of this size (1acre) are rare to find, and with Enterprise Rent-A-Car renting part of the site, we were confident a similar business would offer the best terms.
We took the site to the market on two fronts, a freehold sale and a company sale. The early interest was strong, but one party with an existing car repair business became the standout bidder, and terms to purchase the company were agreed.
A company sale is rarely straightforward. With nearly a century of trading behind the business, this case was not dissimilar. The legal process certainly took longer than a typical freehold sale, however the upside for our client made it worthwhile.
Interestingly, the terms agreed were on par with subject to planning offers received over the years. Whilst a property may appear to offer development potential, sometimes the value rests in the existing bricks and mortar!
We're always willing to appraise properties where the value is hard to pinpoint. If you or a client would like the benefit of our advice, please don't hesitate to get in touch.
PROJECT ADDRESS: 125 St Vincent's Road, Dartford, Kent DA1 1UU
