NEW RETAIL DEVELOPMENT, LYE , STOURBRIDGE
1,600 SQ FT RESTAURANT
Having first acquired this site for clients in 1994, Burkes & Co have a long involvement in the site’s history.
Originally a Gulf petrol filling station, the site was acquired by us on behalf of clients, City Centre Restaurants PLC (now the Restaurant Group). Burkes & Co subsequently advised OK Diner Limited during their management buyout of the brand and subsequently bought the site’s long leasehold for investor clients in 2003, subject to a short term lease back to OK Diner.
In 2007 Burkes & Co negotiated the surrender of the existing lease and managed the planning process, pre-let the proposed retail scheme with joint agents Andrew Thompson & Co, appointed the project team, let the build contract and subsequently developed the site in conjunction local investors & developers, Stewardson Properties.
3,700 SQ FT RETAIL SCHEME
In 2008 Burkes & Co negotiated the purchase of the Freehold interest from the superior landlord, thus further enhancing the site’s investment value. Originally acquired in 1994 for approximately £140,000, the property was valued in 2007 at a figure in excess of £1,200,000. Burkes & Co now manage the site, most recently continuing the process of adding value by applying for consent for the installation of a cash machine and advertising hoarding with a combined potential rental value in excess of £8,000 p.a.x.
VACANT RETAIL UNIT, WEST MIDLANDS
Without advertising or marketing, Burkes & Co were proactive, as non-retained agents, in introducing just one party to the landlord of vacant premises in an established retail pitch in Halesowen.
After a considerable period of intense negotiation, we secured a letting to this multiple retailer on attractive, flexible terms which suited both parties’ objectives. The site had previously been marketed by established and specialist retail agents and more recently by the owner, in absentia, for more than two years without success.
We like to think our market knowledge went some considerable way to helping our client secure a substantial tenant covenant in what was proving to be a difficult letting market.
FAILING ESTATE PUB, BLACK COUNTRY, WEST MIDLANDS
A TIRED ESTATE PUB
In conjunction with client partners, we acquired this site through a joint venture development & investment vehicle, Burson Land Limited, in late 2007. The property, a trading pub, was acquired unconditionally in just 4 weeks using 100% bank debt.
We quickly secured planning consent for residential development with the assistance of hand picked planning consultants thought to be right for the job at hand. Whilst the planning process was underway, we let the site to a local licensee, thus subsidising the client’s holding costs by removing any liability for empty rates and at the same time protecting the property from vandalism and physical decay.
CONSENT GRANTED FOR 14 NEW HOMES
Burkes & Co worked with the client’s planning consultant to obtain a planning consent for 23 residential units without the usual provision for social housing.
We subsequently oversaw the site’s demolition, tendered for necessary ground remediation works and finally negotiated the sale of the site to a local house builder, subject to a mutually beneficial agreement to share the developer’s profit.
TOWN CENTRE CONSERVATION AREA, WEST MIDLANDS
We were originally approached by financial advisors to a local businessman looking to dispose of his interest in a failing business located in a former market town in the West Midlands. The site occupied a prominent position within the town’s conservation area and was trading as a loss-making restaurant. It was generally accepted that the site was worth relatively little in its current state as a failing restaurant and the owner was looking for a relatively ‘pain-free’ exit.
Initially appraising the site, we considered it to have potential for various town centre uses, most particularly retail and/or residential. In the first instance, on the instruction of our client, we selected a handful of local developers and speculative investors known to us and invited expressions of interest, on a confidential basis.
After a selection process we continued negotiation with one party and subsequently agreed a conditional sale, subject to the payment of a non-refundable deposit and various obligations on the part of the purchaser, in respect of the site’s promotion through the planning process at a speculative cost of approximately £60,000.
We were subsequently novated to the purchaser and acted as development manager, eventually securing planning consent for the site’s redevelopment for 16 private apartments and associated car parking. The investor client subsequently acquired the site and some time later we negotiated the onward sale of the site, with planning consent, to a specialist house builder for their land bank.
