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Industrial Disposals

East London & Essex


Client

Metropolitan Police Authority

Property

Various former police stations in East London and Essex

Project Summary

Following a successful tendering process, Strettons were solely appointed to co-ordinate the marketing and subsequent disposal of a number of former police station sites in east London and Essex on behalf of the Metropolitan Police Authority as part of a wider portfolio review and rationalisation programme across Greater London.

Our instructions involved an initial inception meeting to agree the proposed disposal approach. And, planned management of any adverse publicity arising from the proposed disposals - which had generated considerable public opposition.

Marketing details were prepared and all usual steps taken to fully expose the buildings to the wider market including national property press advertising.

Our brief was to consider all expressions of interest for all buildings, and while an outright freehold disposal had been earmarked for each of these particular sites, joint venture and subject to planning proposals were to be entertained as part of the informal tender process.

Leasing options were, however, ruled out at an early stage due to the extent of refurbishment works required, and the general lack of commercial occupier demand in each location. That did not, however, prevent lease offers coming forward and these were reported.

All offers and other expressions of interest were submitted to the client. A shortlisting and informal tender process was then conducted. A full review of the top three bidders for each site was undertaken including a review of their financial standing, track record and further investigation of their intended use/development proposals.

Recommendations were then made for selection of preferred bidder status on each site. Subsequent liaison between the parties and their legal representative followed for the duration of the sale until completion of the sale contracts.

Neal Matthews

020 8509 4401
neal.matthews@strettons.co.uk