Project
Castle Square Developments are one of the regions most respected property developers and investors. Banks Long & Co have acted for Castle Square Developments and their associated companies for over 30 years and manage the Company’s significant property portfolio with a brief to continually add value through new acquisitions and proactive asset management.
Castle Square Developments have an ongoing requirement for good quality property investments and development opportunities. Understanding the client’s requirements is key to delivering the best possible service to each individual client. Banks Long & Co are continually searching for suitable investment and development product and the opportunity to acquire Priory Tec Park located in Hessle close to the Humber Bridge, was identified immediately as being suitable for the client’s specific requirements.
Approach
Recognising that the client’s property portfolio would become better balanced with the introduction of quality business space product and when the opportunity to acquire Priory Tec Park became available, Banks Long & Co were able to act quickly and provide market commentary, valuation and investment analysis and advice, building surveying services and, through careful liaison with the selling agent, recommendations as to the strategy for securing the investment in a competitive open market environment.
Results
Through careful negotiation with the sellers' agent, Banks Long & Co were able to secure the investment within the valuation band agreed with the client. Following the instruction of solicitors, Banks Long & Co maintained an active role in undertaking in-depth due diligence and providing advice with regard to the multi-let structure of the development, including trade counter units, warehouse units and office units.
The in-depth understanding of the historic management regime and proposals with regard to managing the multi-let development were key in completing the acquisition within the timeframes agreed with the vendor. Since acquiring this investment, Banks Long & Co have taken forward the property management of the Park in a proactive and constructive manner, seeking at all times to add value through managing the asset on a number of fronts including maintaining close tenant relationships, continually reviewing the costs of providing the services and seeking out a variety of other ways of creating additional value within the scheme.
