Green Lanes, Woodberry: Strategic Advice and Disposal
Cushman & Wakefield was appointed by Unite the Union to assess the development potential of an asset in Green Lanes, Woodberry, which had become surplus to operational requirements. The intention was to market the asset for maximum value.
After advising on Unite the Union’s other assets we were asked to provide strategic advice in respect of their office property in Woodberry. This instruction formed part of a continuing portfolio rationalisation strategy and was spurred on by an unsolicited offer which our client was considering to accept.
C&W undertook an options study for the property, including a detailed assessment of the legal, physical and planning constraints, together with an assessment of the prevailing residential, office and student residential markets.
We concluded that the maximum value would be arrived at through redevelopment, including increased height and reconfiguration. After a detailed financial analysis we advised that marketing the site as a residential development opportunity would attract the highest receipt for our client.
We undertook a highly targeted marketing campaign, approaching known residential developers who have access to funds and a strong demand for sites in this location.
We successfully negotiated an unconditional sale with an 18 month rent-free leaseback to our client.
The price achieved was more than double the figure originally offered to our client before the marketing process took place and presented far less complications to our client. The disposal has now completed and our client is winding down their operations at the property with the funds securely in the bank while occupying on a rent free basis.
We sold the site in 2012 to Fairview New Homes for £7.5m.