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58-59 Fleet Street - London EC4

JPW Real Estate was instructed to market the freehold interest at 58-59 Fleet Street, London EC4 in June 2007.

The property comprised two retail units trading as Snappy Snaps and Bowing Opticians with 19 flats over let on a ground lease; the total rental income was £129,600 per annum.

We erected a board on the property, prepared a brochure and advertised on line in order to conduct an extensive marketing campaign to find a buyer for this freehold investment. Following an informal tender it was decided to proceed with a joint offer from the two retail tenants. JPW Real Estate managed the due diligence process and advised on the investment sale which was completed in January 2008 at a price of £2,200,000 to show a net initial yield of 5.5%.

The sale posed the following challenges:

  • Selling into a declining market.
  • Delay caused by compliance with the residential tenant’s statutory right of first refusal.
  • Dealing with an inexperienced purchaser who required mortgage finance.
  • Structuring the transaction between the two retailers to give individual ownership and control and yet provide for common management of the building.

Click here to download sales brochure

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