40 Arce Land Dispostion for Crane UK LTD
Cushman & Wakefield were invited to represent Crane UK Ltd, a wholly owned subsidiary of Crane Co of America, in relation to their proposed disposal of its soon to be redundant 40 acre land holding on Nacton Road, Ipswich.
The previous surplus land was to be added to by foundry accommodation to be vacated by Crane and a comprehensive disposal programme was required.
C&W carried out a detailed due diligence exercise in order to identify the sale information required to conclude a satisfactory, unconditional disposal of the Crane interest.
Following the conclusion of a detailed marketing exercise, terms were agreed with a major residential developer to sell the site unconditionally for a sum significantly in excess of book value. At the 11th hour due to the overall downturn in the global economic climate the residential developer withdrew from the sale, which required C&W to very quickly identify an alternative purchaser and still secure a disposal of the interest within Crane’s financial year.
Following very quick negotiations an alternative purchaser was secured and unconditional contracts were exchanged for the sale of the site significantly in excess of book value.
C&W’s initial due diligence insured that a successful disposal of Crane’s freehold interest with minimal on-going environmental liability was secured at the best price available at the time.