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From: "Bill Wareing" <bill.wareing@wareingandcompany.co.uk>
To: <bob@sarahharvey.com>
References: <DBBPR03MB5432B8633D9097B810E89DA4CD930@DBBPR03MB5432.eurprd03.prod.outlook.com>
In-Reply-To: <DBBPR03MB5432B8633D9097B810E89DA4CD930@DBBPR03MB5432.eurprd03.prod.outlook.com>
Subject: FW: 37 Chandos Street, Leamington Spa, CV32 4RL
Date: Fri, 26 Jun 2020 13:21:56 +0100
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Dear Bob
Good to meet with you and your wife on Wednesday and I have now had a
chance to give some thought to the potential value of the freehold
interest of the property and the best way to market it.
I understand that you are going to complete the repair and improvement
works that you are carrying out to the basement so that it will facilitate
the ground floor A2 use with additional basement offices and kitchen /
toilets with then separate offices on the first and second floors.
I have checked the rating assessment and the ground floor is circa. 550 sq
ft with two separate rating assessments in respect of the first and second
floors.
I do agree with you in that the most valuable use would be for the
conversion of the upper floors to a single two bed apartment. Unless a
purchaser were seeking to occupy the building as a whole, I think it is
likely that we would sell either to a ground floor and basement owner
occupier who would then refurbish and let the upper floors or
alternatively to an investor who would seek to let the building probably
in two parts. As I mentioned, I think the total rental value would be in
the order of �25,000 per annum for the completed building.
Although we have a lot of contacts of well financed and active investors,
I do think that such is the shortage of small freehold properties in the
town centre, it would be best putting this to the market. We have just had
a bidding situation in respect of another freehold property on one of the
industrial estates such that we agreed a figure way above what I thought
was the current market value. I therefore suggest that we place the
property on the market, prepare particulars and erect a board indicating
it is available for sale at a price of offers in excess of �330,000
subject to contract. We would then seek to achieve sufficient interest to
allow us to have an informal tender where we look at the offers we
receive, look at how they are going to be financed and pick one, not
necessarily the highest but on the basis of someone that will perform and
complete within the timescale required.
Briefly, our terms for acting on your behalf would be a sale fee of 1% of
the price achieved plus VAT at the rate in force when contracts are
exchanged. We would also require reimbursement of advertising and other
out of pocket expenses. I would not suggest that we advertise in the local
press but would place the property on various commercial property websites
and also erect a board. Total marketing costs wouldn't be any more than
�600 plus VAT.
We are in a position to be able to move forward swiftly so please let me
know if you would like us to act on your behalf?
kind regards,
Bill
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<p class=3D"MsoNormal"><span =
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ck">Dear Bob</span><span =
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8A17"><o:p></o:p></span></p>
</div>
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<div>
<p class=3D"MsoNormal"><span =
style=3D"font-family:"Calibri","sans-serif";color:bla=
ck">Good to meet with you and your wife on Wednesday and I have now had =
a chance to give some thought to the potential value of the freehold =
interest of the property and the best
way to market it. </span><span =
style=3D"font-family:"Calibri","sans-serif";color:#00=
8A17"><o:p></o:p></span></p>
</div>
<div>
<p class=3D"MsoNormal"><span =
style=3D"font-family:"Calibri","sans-serif";color:#00=
8A17"><o:p> </o:p></span></p>
</div>
<div>
<p class=3D"MsoNormal"><span =
style=3D"font-family:"Calibri","sans-serif";color:bla=
ck">I understand that you are going to complete the repair and =
improvement works that you are carrying out to the basement so that it =
will facilitate the ground floor A2 use with
additional basement offices and kitchen / toilets with then separate =
offices on the first and second floors. </span><span =
style=3D"font-family:"Calibri","sans-serif";color:#00=
8A17"><o:p></o:p></span></p>
</div>
<div>
<p class=3D"MsoNormal"><span =
style=3D"font-family:"Calibri","sans-serif";color:#00=
8A17"><o:p> </o:p></span></p>
</div>
<div>
<p class=3D"MsoNormal"><span =
style=3D"font-family:"Calibri","sans-serif";color:bla=
ck">I have checked the rating assessment and the ground floor is circa. =
550 sq ft with two separate rating assessments in respect of the first =
and second floors. </span><span =
style=3D"font-family:"Calibri","sans-serif";color:#00=
8A17"><o:p></o:p></span></p>
</div>
<div>
<p class=3D"MsoNormal"><span =
style=3D"font-family:"Calibri","sans-serif";color:#00=
8A17"><o:p> </o:p></span></p>
</div>
<div>
<p class=3D"MsoNormal"><span =
style=3D"font-family:"Calibri","sans-serif";color:bla=
ck">I do agree with you in that the most valuable use would be for the =
conversion of the upper floors to a single two bed apartment. =
Unless a purchaser were seeking to occupy the
building as a whole, I think it is likely that we would sell either to =
a ground floor and basement owner occupier who would then refurbish and =
let the upper floors or alternatively to an investor who would seek to =
let the building probably in two parts. As
I mentioned, I think the total rental value would be in the order of =
=A325,000 per annum for the completed building. </span><span =
style=3D"font-family:"Calibri","sans-serif";color:#00=
8A17"><o:p></o:p></span></p>
</div>
<div>
<p class=3D"MsoNormal"><span =
style=3D"font-family:"Calibri","sans-serif";color:#00=
8A17"><o:p> </o:p></span></p>
</div>
<div>
<p class=3D"MsoNormal"><span =
style=3D"font-family:"Calibri","sans-serif";color:bla=
ck">Although we have a lot of contacts of well financed and active =
investors, I do think that such is the shortage of small freehold =
properties in the town centre, it would be best
putting this to the market. We have just had a bidding situation in =
respect of another freehold property on one of the industrial estates =
such that we agreed a figure way above what I thought was the current =
market value. I therefore suggest that we place
the property on the market, prepare particulars and erect a board =
indicating it is available for sale at a price of offers in excess of =
=A33</span><span =
style=3D"font-family:"Calibri","sans-serif"">30<span =
style=3D"color:black">,000 subject to contract. We would
then seek to achieve sufficient interest to allow us to have an =
informal tender where we look at the offers we receive, look at how they =
are going to be financed and pick one, not necessarily the highest but =
on the basis of someone that will perform and complete
within the timescale required. </span></span><o:p></o:p></p>
</div>
<div>
<p class=3D"MsoNormal"><span =
style=3D"font-family:"Calibri","sans-serif";color:#00=
8A17"><o:p> </o:p></span></p>
</div>
<div>
<p class=3D"MsoNormal"><span =
style=3D"font-family:"Calibri","sans-serif";color:bla=
ck">Briefly, our terms for acting on your behalf would be a sale fee of =
1% of the price achieved plus VAT at the rate in force when contracts =
are exchanged. We would also require
reimbursement of advertising and other out of pocket expenses. I would =
not suggest that we advertise in the local press but would place the =
property on various commercial property websites and also erect a board. =
Total marketing costs wouldn't be any more
than =A3600 plus VAT.</span><span =
style=3D"font-family:"Calibri","sans-serif";color:#00=
8A17"><o:p></o:p></span></p>
</div>
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</div>
<div>
<p class=3D"MsoNormal"><span =
style=3D"font-family:"Calibri","sans-serif";color:bla=
ck">We are in a position to be able to move forward swiftly so please =
let me know if you would like us to act on your =
behalf? </span><span =
style=3D"font-family:"Calibri","sans-serif";color:#00=
8A17"><o:p></o:p></span></p>
</div>
<div>
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<p class=3D"MsoNormal"><span =
style=3D"font-family:"Calibri","sans-serif";color:bla=
ck">kind regards, </span><span =
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8A17"><o:p></o:p></span></p>
</div>
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