Project
Our client had a super prime residential portfolio in the heart of Knightsbridge with tenants and owner occupied units. With a bank debt of around £30m, there were complex tenancy issues that were suppressing vacant possession values, together with a high-profile litigious borrower with diplomatic immunity.
Approach
Eddisons advised that there would be a high level of demand for the portfolio from both international investors and owner occupiers. Our recommended strategy was to obtain vacant possession of the entire portfolio to secure the highest price possible on sale. We underwent complex multiple legal actions to gain vacant possession through various negotiated settlements. We marketed the property through a high-end residential estate agency.
Results
Eddisons achieved vacant possession within three months. Our private treaty marketing and sale process case triggered intense interest in the market with competitive bidding leading to a private treaty sale in excess of £32m. We achieved a full debt recovery of capital, interest and all costs associated for the Lending Principal and a substantial surplus for other secured creditors.
