"Another first! Leasehold transaction within the
garden centre sector"
Wheatcroft Garden Centre approached Hammond Phillips to advise the potential disposal of their garden centre business.
From the first meeting, it became clear that they had no requirement for further capital, but would prefer income.
- Advised that although it had never been achieved before, leasing of a garden centre as a going concern should be achievable and that it may be possible to achieve a rental offer for the entire business, i.e. combining land, buildings and trading potential.
- Following 12 offers, ten of which were freehold and two leasehold, we
re-approached the market, seeking best and final offers and emphasising once again that a leasehold proposal was the preferred option.
- Significant leasehold proposals were subsequently generated, including those from a number of Plc companies.
The client was very satisfied with the result given Hammond Phillips' initial recommendation that a leasehold transaction should be achievable, albeit it had never happened before within the garden centre sector.
As a result, a letting to North West Farmers Plc was achieved at a rental which reflected land, building and trading potential.
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