Report and Recommendation for Glass Property Limited

Our Thoughts in Relation to This Property

The market is unpredictable and yield sensitive at present so it’s hard to be accurate on values.  Marketing is about engaging the audience and then allowing our techniques to take the pricing to the best the market will pay.   Whilst we can suggest an exit value, ultimately the market determines.  We provide the best approach so clients instruct us based upon our offering, not merely as we suggest an exit higher than others promise. 

Our recommendation is to split the property into individual units to maximise your exit by opening up the buyer audience.

Dale Henry

London Office Lead

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.  In addition, we charge buyers a Transaction Fee of 1.0% + VAT, so your net fee will be 1.5% as we share the Transaction Fee with the vendor.

Detailed Report

The property comprises a block of 8 retail units arranged over ground and two upper floors, situated in the heart of the town centre.  I understand the total current income is £358,500 per annum.  The tenants are all national covenants and generally provide secure income. 

 

In our view, the best approach to maximise your exit is to split the property and offer the units as individual long leasehold sales. The logic is simple – the smaller the lot size, the more people will be able to afford to buy the property, the wider your audience. As one lot the property is too large for many private investors and you need to widen the potential market for the property as far as possible which is why I suggest it is offered as separate lots.  Also, you want to avoid selling where there is a bank involved as obtaining finance creates a layer of uncertainty so the smaller the lot size the greater the chance of a cash purchaser.  We have successfully adopted this approach several times in the past. 

 

Of the eight units, I think four are saleable now – The Perfume Shop (assuming you complete the lease renewal), Pandora, Leeds Building Society and Wenzels.  We would offer them individually but make parties aware that they could be acquired collectively if preferred.  The terms certain on the other four units are short so you would need to offer these ones at a high yield in order to generate interest.  It would seem sensible to try and regear the leases on these units and then sell.  

Quoting Prices should be as follows:

  • The Perfume Shop £464,000 7.0%
  • Pandora £868,000 9.0%
  • Leeds Building Society £457,000 7.0%
  • Wenzels £448,000 8.0%


Upside:

  • The Perfume Shop £464,000 7%
  • Pandora £868,000 9.0%
  • Leeds Building Society £457,000 7.0%
  • Wenzels £448,000 8.0%


Downside:

  • The Perfume Shop £407,000 8.0%
  • Pandora £782,000 10.0%
  • Leeds Building Society £402,000 8.0%
  • Wenzels £400,000 9.0%


The market is unpredictable and yield sensitive at present so it’s hard to be accurate on values.  Marketing is about engaging the audience and then allowing our techniques to take the pricing to the best the market will pay.   Whilst we can suggest an exit value, ultimately the market determines.  We provide the best approach so clients instruct us based upon our offering, not merely as we suggest an exit higher than others promise. 

 

 

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Case Studies

PSL Group, Quayside Industrial Estate, Maldon, Essex CM9 5FA

Singer Vielle was instructed to sell this freehold industrial investment in Maldon, Essex at £3 million. Within ten working days from launch, the property was legally acquired online substantially in excess of the asking price.

The quality of our market leading online presentations, including video, ground and aerial photography, plus our recognised depth of marketing, enabled a high level of interest to be generated quickly.

Even though none of the interested investors were provided with an exclusive position, one particular party speculated reviewing the legal package and clearing the verification process in order to place themselves in a strong position. Just ten working days into marketing, this party submitted an online clicktopurchase® offer to treat at an aggressive level…

Pizza Express Leisure Investment, 67-71 Goldsworth Road, Woking

Singer Vielle were instructed to offer this infamous freehold investment in Woking in the summer of 2019. During the marketing campaign, 12,675 marketing emails highlighting the opportunity were opened, with 1,771 clicks to the marketing website. In addition, the presentation was viewed by 2,355 parties in reflection of our high online presence.

 

Having identified a purchaser, the party was provided with five days in which to purchase online by clicktopurchase®. The successful purchaser submitted the online legal offer to treat on 13th June 2019 at the asking price of £1.25m, a princely sum, the offer was accepted and the contract exchanged instantly.

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