Completed sale price £9,540,000. Please get in touch if you would like to know more.
Mayfair, London. Grade II listed mid-terraced office building Property measured approximately 4,700 sq. ft.
The property comprised a five-storey office building, which was assumed to be occupied by the current borrower for their own business use. Upon instruction, we liaised directly with the borrower to establish that they had a proposed refinance underway. It was their intention to continue occupying the building for their company use whilst this took place.
Over a period of several weeks it became increasingly clear that the anticipated exit via refinance was not feasible and it was therefore necessary to consider alternative recovery strategies.
Having spent time on site carrying out occupancy checks and speaking with neighbouring businesses, Bridgeshield established that the premises was no longer occupied. Having taken legal advice, we undertook a walk-in possession, prior to business hours, whereby we changed locks, isolated the electricity, drained down all heating and plumbing and installed CCTV and alarm systems.
Once possession was obtained, a large defect in the roof was subsequently found which had caused a substantial leak to the upper floor area of not only the subject property, but also the neighbouring office.
Due to the unique nature of the premises and limited potential market, establishing a market value was a potential issue, with initial discussions indicating a value in the region of £8,000,000.
Following possession, the immediate priority was to optimise the property in order to present the product in the best possible light. This involved liaising with the neighbours to help rectify the roof problem, clearing the site of all goods and chattels, including large office furniture and chandeliers, essential maintenance and undertaking general redecoration throughout.
Upon completion of the works we then identified and then engaged the two most suitable agents for this type of commercial property.
Given the difficulty in establishing a value for this unusual property, our recommendation was to set a ‘Guide Price’ to invite interest and test the market, rather than set a marketing figure and leave it on the open market.
As a result of an extensive marketing campaign, a number of interested parties came forward and based upon the reaction we introduced a date for ‘Best and Final Offers’. On this date, we received a total of eight unconditional offers and eventually completed a sale at £9,540,000.