Unconditional site exchanged in Rayleigh Essex!
Acting as acquiring agents Highfield were approached by the owner’s professional team to assist in finding a buyer off-market. The property is currently let to the NHS paying £78,050pa but surplus to requirements with an agreed surrender later this year. The owner had taken consultant’s advice that the property qualified for prior approval to residential and we agreed that the likely buyer would be a developer. PD sites are always popular but more consideration for the right party is required when they need to take the asset through the process. Our buyer had the right expertise and was the only call we needed to make to agreed terms. The transaction was more protracted than we hoped but we have now exchanged contracts. We agreed a 12 month delayed completion allowing a decent lead time to gain consent and for our buyer to be as ready as possible to start construction following completion.
We understand the property will offer around 14 much-needed units for the local community with further potential in the car park and roof space.
If you have similar properties please contact a member of the Highfield Team.