Tooting, SW17 Ref: 31651

We were recommended to the long-term owner of this mixed-use building in Tooting. Keen to cash in on his investment, our role was to devise a marketing strategy that would maximise the value.

We pointed out that 'special purchasers' often prove to be the best buyers for this type of asset. Clearly every buyer is 'special', but the term specifically refers to neighbouring freeholders, local investors and incumbent tenants. We wrote to the surrounding freeholders and contacted the pharmacy tenant in the commercial unit. The tenant was keen to acquire the freehold, but we still wanted to maximise value.

We continued with an open marketing campaign, and generated offers from several third parties. The tenant wasn't given preferential treatment but being aware of other interest encouraged him to bid strongly. He duly won the bidding and completed his purchase of the shop and two flats at £1.375M - a blended NIY of 4.4%.

PROJECT ADDRESS: 18 Upper Tooting Road, Tooting, London SW17 7PG

Daniel Dennis

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