A demonstration of the power of the clicktopurchase® concept, combining with Singer Vielle’s market-leading reach, to enable a difficult asset to be sold quickly in a competitive environment.
Singer Vielle were instructed to sell a long leasehold retail investment in Harlow on behalf of NewRiver REIT PLC. The property comprised a shop let to New Look, with the interest being sold comprising the higher long leasehold interest for effectively 86 years at a ground rent of £68,250 per annum against the income from New Look of £143,000, plus a turnover top-up.
The nature of the property would not have appealed to many investors, and going “under offer” in the traditional fashion would always be a risk to the vendor that the buyer may fail to complete the purchase.
Singer Vielle commenced marketing extensively, generating over 40,000 reads of marketing emails from UK and overseas parties.
Two leading investors engaged in seeking to acquire the investment. One investor claimed to be purchasing with cash, whilst the second investor required bank finance. Neither party was provided with an exclusivity, thereby keeping the vendor’s position strong, whilst at the same time empowering the buyers to prove their serious intent.
One of the investor submitted the binding legal clicktopurchase® offer at an acceptable level within a few days of legal review, the offer was accepted and a legal contract instantly formed. No “under offer”, no risk to the vendor, no uncertainty to the successful purchaser.
The combination of leading reach to identify purchasers, with the execution capability, delivered a speedy and success result for the vendor, as well as a happy purchaser.
Another demonstration of Singer Vielle’s leading database and proprietary technology to maximise exit.
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