Cushman & Wakefield Instructed to dispose of freehold interest at the Silverstone Drive store

The Challenge

Cushman & Wakefield were instructed by Metro Asset Management to dispose of their freehold interest in the former Makro Cash & Carry store on Gallagher Business Park, Silverstone Drive in Coventry.

The property extended to 105,000 sq ft on a 7 acre site and benefited from a specification including a clear working height of 6.5m, ground and first floor office accommodation, 6 dock and 1 level access loading doors, 40m deep yard and 409 parking spaces.

The Solution

The property was vacated in May 2009 by Makro after which Cushman & Wakefield immediately commenced an active marketing campaign which included mailing exercises, press and online advertising. Cushman & Wakefield targeted local occupiers to the site as well as national warehouse and distribution occupiers that the property may suit. A variety of interest over the course of the marketing period was shown from various purchasers including car dealers and industrial occupiers.

The Results

Through a competitive bidding process a bulky goods furniture retailer (Coles of Bilston) were selected as the preferred bidder. A complex and lengthy legal process then commenced to change the planning consent from its current warehousing use to A1 Bulky Goods and also a detailed negotiation to remove a restrictive covenant from the title was also undertaken. Following grant of planning consent for change of use the deal was completed in May 2012.