Bray Fox Smith, through its market knowledge and experience, identified the opportunity that existed at Imperial Place at Elstree Way in Borehamwood, Hertfordshire.
It was a great opportunity for an investor who had sufficient funds and the potential to acquire it quickly. The challenge was to find a suitable buyer.
We conducted appropriate research, an assessment of the property and introduced Imperial Place as an investment to The Property Merchant Group/Europa Capital, whom we identified as suitable buyers.
We then adopted a multi-pronged approach to secure the property. We bought it at a price ahead of the owners’ book value, which was a good deal for both parties involved.
The next step was to handle existing tenants and secure new ones at the building. We agreed a lease surrender with T Mobile, an existing tenant and lined up a regear with Pizza Hut. We also signed on a new tenant, Signet, for a new 30,000 sq ft letting.
Bray Fox Smith had identified the opportunity that existed at Imperial Place was and introduced it to the Property Merchant Group/Europa Capital. We then developed a strategy for the building with the new owners and ensured its implementation.
We also advised the new owners on the refurbishment of the rest of the complex, which further increased the profile of the building. Other lettings were successfully completed, including that of a 35,000 sq ft unit to Bradford and Bingley.
At the time of sale of the property 18 months later, Property Merchant Group/Europa Capital made a significant profit. This sale was 18 months ahead of schedule, which ensured a faster return on investment.
This particular case highlights our skills in identifying opportunity, putting together a strategy, implementing it and achieving success on the sale of the property.