Project
Banks Long & Co acted on behalf of a long-established and well-respected family property company to identify properties across all sectors, sourcing opportunities to add value through a change of use and redevelopment.
This particular client is keen to focus on properties outside of London, where they are able to carefully select their opportunities against the background of sustainable market fundamentals assessed in each specific location.
Approach
Through the firm’s close contacts with investment agents across the UK, Banks Long & Co were given an early opportunity to acquire a shop property in a prime location in Sudbury, an attractive Suffolk market town.
The property was occupied on a temporary basis by a charity and included a large car park to the rear and two smaller shop units with access off a side street. It was owned by a large institution not prepared to consider implementing the redevelopment options available for this site.
This opportunity met the investment criteria of our client and Banks Long & Co successfully negotiated the purchase of the property by working closely with the seller’s agents, Bidwells in Cambridge.
Results
When introducing this property to our client, Banks Long & Co identified that the style, location and size of the premises would be ideal for a quality bar/restaurant. The expanding and successful brand, Loungers, quickly confirmed interest and an Agreement for Lease was exchanged.
Through careful negotiation, the planning for the project, which also included six apartments, was secured. The property was totally upgraded and redeveloped to create an “on point” mixed-use town centre investment with a long lease to one of the UK’s best food and beverage operators; two shop units ideal for occupation by local independent traders fronting Gaol Lane, and six quality new apartments.
The completed scheme generates a substantial rental income in the order of £140,000 per annum (as at 2021). The property is under management by Banks Long & Co.
