In January 2016 Geoff Reeve was asked by a national chain of residential agents to carry out an inspection of 16 Butts Road, Alton and advise as to the best bids invitation success commercial value of this mixed use investment property that comprises mainly offices with a vacant flat on the second floor.
Following the inspection advice was given to the private owner as to value taking account of the fact that, although the property was a very obvious conversion back to residential, it is situated under the jurisdiction of East Hampshire District Council who have exemption from permitted development rights. Following discussions with the owner, it was agreed to market the freehold interest inviting offers in the region of £330,000. The property produced a current income of £21,900 with the top floor flat being vacant.
Details were featured on the Wadham & Isherwood website and circulated to suitable investors which generated considerable interest leading onto a considerable number of accompanied inspections. A short list was drawn up and all interested parties were invited to submit their best and final offer by the middle of June. As a result of this informal tender five offers were received and solicitors were instructed in respect of a bid received from one of the existing tenants, the sale completing on 2nd September.
The private owner client was well satisfied with the figure achieved as this method of sale ensured that the clients best interest was served and the best possible price achieved.
Geoff Reeve comments that with current poor interest rates available to investors smaller investment opportunities such as this are proving extremely popular and achieving high figures. Wadham & Isherwood are always keen to give advice to any owners contemplating selling similar buildings, without commitment initially, and they do have a long list of investors keen to acquire.