Report for Pearl & Coutts - David Pearl and Andrew Inglis

Our Thoughts in Relation to This Property

Please find here my advice about the property in Darlington. This is a new format of report which demonstrates our tech-approach. Below you will find sections which explain how we market and execute online, as well as a couple of recent examples of sales on behalf of receivers. You will also find links to appropriate sections which provide further explanations.

Our approach is one of best-in-class marketing, leading depth of marketing, unique online legal execution, blockchain security, and an international network.

Our marketing platform provide the best opportunity to engage the market; our execution platform then provides the best opportunity to move to a legally binding exchange and remove uncertainty. This is then recorded in the ledger. You will appreciate that the audit trail provides proof of process which is important to receivers.

My advice for maximising your exit is as follows:

 

  • Prepare our high-quality presentation
  • Expose widely to our database (UK and international) 
  • Market with the clicktopurchase functionality to avoid the uncertainty of going “under offer” and provide the ability to transact with certainty and speed
  • Quote £1.733m representing 7.0%

Neil Singer

CEO, Founding Partner

Marketing Costs & Fees

Our marketing costs are £2,500 + VAT which covers the costs of website, photos, video, aerial photography, PDF, emailer systems, online execution, etc.

 

 

Our fees in this instance will be 1.0% of the Sale Price + VAT.  In addition, we charge a purchaser a “Transaction Fee” of £10,000 + VAT which we share with the vendor to reduce your overall fee.

Detailed Report

I am now able to provide you with my thoughts in relation to your Booker property at West Side Banks Road in Darlington.

 

You have advised that the property totals 30,863 sq ft on a site of around 55,500 sq ft.  It is let to Booker Limited on a lease expiring 24th March 2029 with a tenant break option in March 2024.  The rent is £128,875 per annum which equates to £4.18 per sq ft.

 

Our enquiries indicate that the unit is in a good location and the property rack rented which is good, so we need not worry about any over-renting.

 

In reviewing my suggestion, I ask you to consider our approach and be comfortable you agree that this will provide the best opportunity to exit.  A number we suggest possible should be taken merely as a guide since no one knows for certain; it is the marketing and process which is key. 

 

The market is of course nervous; only today an article in The Times advised of a 13% drop in values in 2022 and cited Goldman Sachs view that values will fall a fifth by the end of 2024.  Despite this, at Singer Vielle we have remained active and not experienced such value drops on the properties we are selling.  Nevertheless, it is important when selling not to chase the market down, and price sensibly at a level to attract the interest and engagement.

 

A site opposite your property is under offer.  This is a plot of 1.17 acres with only 8,053 sq ft of built accommodation.  It is under offer at £65 per sq ft which is around £525,000 – given the accommodation is small, it is worth considering the land value at £448,000 per acre.  A similar rate on your property would put the land value at £565,000; £65 per sq ft on the unit would be around £2m, this representing a yield of 6.06%.

 

In terms of general market evidence, a Booker in Redhill was offered last year with an income of £396,250 per annum, break at December 2026 – interest was apparently around 6.5%.  A Boooker in Trowbridge with 2.4 years sold in September at 5.6% to a potential owner occupier.    A short income we have been involved with directly was a Go Outdoors unit in Kidderminster which had a break in September 2023, agreed at 5.73% in November but didn’t proceed due to an EPC issue.

 

In terms of your property, whilst the lease is short, there is likely to be an ongoing demand for distribution units so an investor could take the view it will relet should the break be exercised.  Nevertheless, there would likely be a discount compared to a longer lease term but I am not convinced much difference given the nature of the property.

 

If we quoted 7%, this would be £1.733m which equates to £56 per sq ft.  Although not quite the same as the unit opposite with the low site area, it is helpfully below £65 per sq ft.

 

Maybe there would be a half point difference if you removed the break.  The difference in value would be around £130,000, hence one year’s rent.  I suspect the tenant would ask for a year’s rent free or maybe 6 months.  So, removing the break would make the property more saleable as opposed to realising much of a difference.

 

Until you try and you see the market, you will not know for certain.  Only when there is an offer on the table would you need to make a decision.  Our process is geared such that the offer is a legal commitment rather than an indication.

 

I look forward to hearing your thoughts

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Our Unique Offer

A unique, superior, progressive, and proven tech-approach.

Our International Network Offers an Unrivalled and Enhanced Marketing Reach.

How We Sell

A unique and market-leading approach to deliver the best in class promotion of properties, reach, online execution and audit trails.

The Client Dashboard

Real Time Activity Reports

When we are selling your property, you will have access to real time activity reports so you can see exactly the interest generated from our marketing. Selling clients no longer need to ask for an update. This is available at a click so when selling you have exact knowledge of the market reaction to your property.

Analytics for Your Property's Website

Statistics on Emails

Distributed, Opened and Clicked

Schedule of Interest

Viewed in Real Time

See All Transactional Activity In Your clicktopurchase® Account

Digital Property Execution

A Faster more Accountable and Transparent Process of Selling Property.

Speed

Certainty

Transparency

Accountability

We uniquely offer an immutable and totally transparent audit trail in relation to the process of buying and selling real estate.

Case Studies

250B North End Road, Fulham, London SW6 1NJ

Singer Vielle was instructed to sell this freehold property in Fulham on behalf of receivers, Quantuma.  Information on the tenancies was limited, as was the records of rent payments.

 

 

However, a significant amount of interest was generated and it was decided to close the sale by an online legally binding clicktopurchase® “best offers”.

 

Six legal offers were submitted by the deadline, no offers allowed late (hence full transparency), with the range between offers significant.  The highest offer was accepted shortly after the deadline and a binding online exchange of contracts occurred immediately.  

 

The entire process was recorded in our immutable clicktopurchase blockchain  ledger.

Units 1-5 New Inn Centre, Taff Street, Pontypridd CF37 4UE

Singer Vielle were instructed to offer this retail investment on behalf of receivers Kroll.

The property had a number of issues, including being located within a flood zone.  A number of parties nevertheless expressed an interest in the investment.

A leading party had indicated they would submit a legal online clicktopurchase offer at £1.05m.  In the meantime a second party expressed interest at £1m and indeed submitted a legal online offer at this level.  The party promising £1.05m then submitted a legal offer not at the level promised but instead at £950,000. As a result, the £1m offer was immediately accepted and an online legal offer formed.

A demonstration of how our approach removes the risk of going “under offer” and suffering a “chip” at the point a contract is expected to be formed.

Furthermore, the entire process can be tracked in the clicktopurchase blockchain ledger as proof of the audit trail.  See the blockchain ledger.

Video Testimonials

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We use all modern methods of marketing and communication. Investors can choose any number of ways to receive notifications of our new property sales to boost exposure:

Register on our databases; receive alerts on Twitter, Instagram, YouTube or Facebook; follow us or join our LinkedIn groups; click the red bell on one of our home pages to receive on-screen messages.

We are here to help buyers and sellers every step of the way.  If for any reason the current properties we are marketing are not suitable for an investor, pop-up notifications will remind them to register on our databases.  We also have the facility to enable investors to share their requirements so we can target specifically if required.