We were asked by the land owner and developer to review a proposed industrial development at The Lakes Business Park. Two adjoining schemes, Oak Court and Chestnut Court, were planned. Oak Court comprises of seven units totalling 15,100 and ft whilst Chestnut Court comprises of seven units totalling 12,800 sq ft, total development 27,900 sq ft.
The customer intended to sell a number of the buildings but also retain several for letting purposes.
We provided initial recommendations with respect to the type of buildings to construct and commented at several stages leading up to the submission of a full planning application. We provided further advice with respect to proposed sale prices and rental levels, produced a marketing report setting out a series of recommendations, and drafted particulars for approval.
We liaised with the buyers, their solicitors, and the tenants throughout the whole process, ensuring the sales progressed despite the outbreak of Covid-19 during the early part of 2020.
The developments received a high amount of interest and subsequently achieved a rental value at a higher level than when first marketed.