Acting on behalf of a private client, B8RE have successfully completed the sale of a 6.6 acre residential development site, marking a highly successful conclusion of a comprehensive business plan.
B8RE initially advised on the acquisition in 2021, comprising multi-let industrial, secondary office accommodation and employment land.
Working alongside our client we identified an opportunity to demolish the office accommodation and merge with the existing employment land, which could be re-purposed as a residential development site.
Following a comprehensive marketing campaign the site has now been disposed of to a residential developer, crystalising a substantial profit on our client’s overall outlay, whilst still retaining the multi-let industrial assets.
John Burrows of B8RE commented, ‘We are pleased to have achieved such a successful result in a short amount of time for our client. Upon first identifying the opportunity we concluded that the asset was under-valued as offices and presented an excellent re-positioning opportunity. Whilst the result was by no means a certainty, our client showed the willingness to pursue the opportunity and has been rewarded for his endeavors.’
The sale concludes a team effort from B8RE with the investment team acquiring the asset, whilst the occupational team assisted with the repositioning and disposal, alongside our joint agent Littler & Co.
B8RE remain involved in the asset as letting agents on the retained industrial units, where we are continuing to drive rental growth throughout the Estate.