Brasier Freeth recently acted for Mothercare on the sale of their Watford based Headquarters. Details of the deal have this week made the Property Week headlines.
Our Business Space Team was tasked by Mothercare with looking at a potential sale and leaseback of their HQ in order to release cash for the business whilst safeguarding occupation and providing flexibility for the future. We were familiar with the building from past work with Mothercare and understood the particular challenges of its size, mix of accommodation and non-commercial location.
With experience of both the commercial market regionally, an understanding of permitted development and the residential development market coupled with a fine-grained knowledge of the local commercial market we were able to identify that there were strong prospects of extracting value from the site well in excess of the pure office and warehouse value by focussing on the alternative use prospects.
Having been selected in competition with a multi-national firm speed was critical in the run-up to the summer period and we were able to mobilise quickly to bring the property to the market before the end of July. We generated strong interest in what is not normally an ideal time of year to promote property, but there was pressure to achieve a sale before critical reporting milestones for the client. A competitive bidding process produced a number of strong bids with a second round being necessary to separate the front runners. Once a party was selected exchange of contracts occurred quickly with completion slightly deferred but all within acceptable parameters for the client.
Our client was delighted with the achieved price and terms. Our team demonstrated an ability to mobilise fast to deliver results in a compressed time frame without compromising the marketing process or end result.
News of the deal was featured on Property Week’s website, a copy of their article with further details on the sale can be viewed here.