We have a strong track record advising a range of clients, both private and corporate, in the acquisition and disposal of commercial property and residential investments. A couple of examples of our integrated approach are presented here as Case Studies .
CAPITAL COURT, SOWTON, EXETER
Stratton Creber Commercial were instructed by Bristol based developers, Cubex Land Ltd following the purchase of the old ‘BT’ site on Sowton Industrial Estate (next door to Devon County Council’s Great Moor House offices) in order to provide marketing advice for the proposed redevelopment of the site creating a new courtyard office scheme totalling 55,000 sq ft within 4 high spec detached buildings.
Stratton Creber Commercial marketed the premises completing 2 lettings “off plan” and subsequently successfully sold the freehold of both as investments in order that Cubex could re-coup some of their initial outlay.
The timing of the economic downturn obviously didn’t help, however within 12 months the other two buildings were sold and Stratton Creber Commercial were asked to take on the role as Management Surveyors to ensure that the landscaping, security signage and general maintenance of the development was kept to a high standard as expected by the occupiers which include Taylor Wimpy, Devon County Council and The Royal College of Nursing.
Over the past five years Stratton Creber Commercial have provided support, marketing advice and now continued estate management for Cubex ensuring projects such as Capital Court can be hailed as a success – even in these difficult economic times!
OFFICE ACQUISITION FOR DART SENSORS
Dart Sensors had been searching for freehold premises in Exeter for nearly three years when they instructed Stratton Creber Commercial to act on their behalf in the search in early 2011.
Their remit was to find a freehold building of around 5,000 square feet, anywhere in the city within a 20-minute walk of a railway station, which could be put to office and laboratory uses. Despite having considered both conversion of buildings in other uses and development of a new building, no suitable properties had been identified.
We carried out an initial site search in Spring 2011, not only considering properties which were formally for sale but also researching off-market opportunities using our local knowledge of property and property owners. An initial list of sixteen possible sites was presented to Dart Sensors, and this was narrowed down to four options. Over the course of the next six months we investigated all four options in detail, including site inspections, meetings with agents and property owners and discussions with town planners.
Detailed discussions and negotiations were commenced in respect of two sites, and in November 2011 an offer was made for the purchase of Elm House, a 1980’s detached office building of 6,500 square feet on Mary Arches Street, on the edge of the city centre shopping district. Terms were agreed for the freehold purchase the same month.
We continued to have close involvement in the purchase right up to its completion in March 2012, advising on various matters including property valuation, condition surveys, landlord & tenant law and planning consent for the client’s proposed alterations.
Elm House had been identified by Stratton Creber Commercial on behalf of Dart Sensors as an option even though it was not being offered for sale at that time, and in this way we presented our client with an opportunity which would not have been presented to the client had we not been instructed to act of their behalf.
Truro – Adam Beverley-Jones
Tel: 01872 261028
Exeter – Simon Greenslade
Tel: 01392 202203