A consortium of residents of the upper part purchased the Freehold interest in order to gain control of the future use of the commercial premises, formerly occupied and run as a lap dancing club.
Initially the idea was to create some underground car parking along with two additional residential flats. However, this involved risk of not obtaining planning, and furthermore substantial capital investment.
We advised marketing the premises to a wide audience of commercial users on both a standard and long leasehold interest, to maximise interest, and subsequently shortly after being instructed, had interest from a variety of occupiers including personal training studios, builders merchants, retailers and offices.
We agreed terms with a publishing company, to sell a new long leasehold interest subject to planning permission for change of use to B1 offices, which was eventually granted.