Report for Evelyn Partners on behalf of Redwood bank

Our Thoughts in Relation to This Property

Please find here my advice about the property in Lincoln. 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 and online
  • Appoint a residential agent to work alongside who can expand the reach locally
  • Market with the clicktopurchase functionality to avoid the uncertainty of going “under offer” to residential developers
  • Do not quote a price, seek offers, and market with an online legally binding “best offers”
  • Make sure we can demonstrate that the site is not contaminated. Organise a phase I desktop environmental survey; hopefully this will show the site to be clean.

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 2.0% of the Sale Price + VAT.

Detailed Report

We often suggest that the best way to establish a property’s true value is to allow the market to determine. Unless you have a “vanilla” property, valuers’ views will vary, and no agent will be able to guarantee the figure they suggest is the best the market will pay as they will not know for certain. Given the circumstances of recent weeks, this statement is probably amplified. As a result, we never recommend to a client to market a property quietly, but always to expose widely. To demonstrate, we recently sold a property in Perth, Scotland to an investor in Texas – without a model for wide marketing, this purchaser would not have been found.

 

We understand that Park View is located south of the University of Lincoln and the city centre. It is a two-storey property on a site of 0.6 acres which was converted from a care home in 2012. We are advised that the property comprises 52 rooms with shared facilities, benefitting from 32 car parking spaces and was previously accommodation for student nurses. The property is now vacant.

 

I have reviewed the valuation dated May 2018 and noted relevant facts:

 

  • Originally constructed in the 1960’s
  • 5 cluster flats 
  • 11,539 sq ft Gross Internal Area
  • Consent to use as student flats
  • Freehold
  • Market Valuation May 2018 £1.975m (12% gross)

 

The valuation shows the site marked in St Botolph’s Crescent. Assuming this is correct, the site is prominent and usefully with a long road frontage but not in the most attractive of locations.

 

Photos from the 2018 valuation show the property to be dated. I assume the property is now in a worse state and will require investment to bring it up to an acceptable standard.

 

It would appear that the property could offer the following opportunities:

 

  • Refurbish and re-let to students
  • Conversion into alternative accommodation
  • Site redevelopment into housing

 

There are a number of issues to consider when selling the property:

 

  • The recent hike in interest rates has significantly increased in mortgage costs. This will without question have a negative affect on the housing market. Reports are already emerging of falling demand and values;
  • Build cost inflation has been significant recently. For example, a developer friend had a scheme priced six months ago for steel at £175,000; a recent re-pricing is at £600,000. This squeeze on developers’ profits will reduce land values;
  • Labour costs have similarly increased, adding to the downward pressure on values;
  • If a purchaser were to refurbish/reconfigure as opposed to redevelop, they will face similar increasing development costs.

 

Variables on build cost estimates, exit values and development/refurbishment periods can create significant variances in the assessment of value by different purchasers. In my opinion, it is therefore better to avoid any suggestion of the exit values for a redevelopment/refurbishment. Similarly, I would avoid proposing a guide price.

 

 

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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

Follow Us

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.