58 High Street, Pensnett, Dudley
John Truslove were instructed by Garafabia Ltd to provide acquisition advice with regard to expanding their commercial property investment portfolio.
Having considered the key issues for our Client we were able to identify their requirements were:
- Let Size £750,000 to £1,500,000.
- Preference for Blue Chip Tenants.
- Long secure income stream.
- Premises located within 30 mile radius of Birmingham.
- High quality.
We then undertook an initial search of the Market identifying a number of potentially suitable investment properties. We inspected and assessed a number of properties; however following discussions with the Client it was agreed that none were suitable or could be acquired at an acceptable price.
However using our extensive contacts we were able to identify a number of off Market opportunities which included 58 High, Pensnett.
The Property comprise a prominent convenience store pre-let to Sainsbury’s Supermarkets Limited for 15 years, which we acquired at an acceptable price.
Following our successful acquisition of further Investment Properties we undertook a review of our Clients portfolio, focusing on value to properties with development potential.
We provided our Client with development appraisals involving our Building Surveyor to calculate budgets for development or conversion opportunities.
Following our appraisals and advice the decision to dispose of a number of assets was taken in order to free up funds for development projects, including 58 High Street.
We undertook a targeted marketing campaign and were able to secure a cash Investment Fund purchaser achieving a significantly higher sale price than was originally paid by our Client.
These funds were reinvested in converting the upper floors of premises in Bromsgrove as flats, with planning having been obtained for the construction of 5 houses on the adjoining gardens.
We pride ourselves on providing not only proactive acquisition advice but also proactive Asset Management advice, constantly reviewing our Clients portfolios to maximise their potential.
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