Following a review of the client’s assets and a need to realise capital for the business, Dalcour Maclaren were instructed to sell a redundant property known as the Isle of Wight Water Tower.
The business had decided that the property was never going to be brought back into operational use, and therefore was surplus to requirement. There was an ongoing Health and Safety issue with the potential for intruders to climb the water tower, so the decision was made to sell, realise a capital sum and remove the Health and Safety risk.
Located in the Dunstable Downs, the water tower was situated on the northern boundary of an agricultural field and access to the site was across a farmer’s field.
The property was marketed and sold by Private Treaty and advertised on websites such as Rightmove. Significant interest was generated and we received multiple offers all at a broadly similar level. To be fair to each party, we recommended to the Client that we proceed to best and final bids, allowing us to be fair and equal to each applicant.
We achieved a sale for the Client, removed the ongoing maintenance and Health and Safety liability, and realised a capital receipt well in excess of their expectations.