Fortis, property investment LLP
When the tenant, the National Crime Agency, exercised its option to break the lease, Fortis instructed us to let the building or secure a freehold sale. The complexity of the brief lay in the fact that the prospects for a 52,000 sq ft building in Harlow were limited, as the area was rich in vacant offices.
We advised the client to pursue disposal for residential use simultaneously, whilst marketing the two-storey building to commercial prospects. An application was submitted and secured for permitted development rights for conversion to housing, which allowed us to extend the marketing campaign to include residential developers.
As a result, terms were agreed for a sale for £6.1m to a development company and the deal was completed six months later.