Helping Bond International aquire its premises
For a number of years, our Stevenage office has acted on behalf of Bond International, who are one of the country’s leading tyre distribution companies.
The company occupy just over 100,000 sq ft of warehouse and ancillary office space in Stevenage, on a site of just under 5 acres. The property was held under a lease that was due to expire in July 2017, but the opportunity became available to acquire the freehold and allow the company to undertake refurbishment works required at the property.
Negotiations were entered into directly with the landlord and the property was eventually acquired for £5,300,000, the equivalent to an acquisition cost of just over £1,000,000 per acre on a land basis, or just under £55 per sq ft on the basis of the buildings alone.
In addition to the acquisition cost, negotiations also involved discussions on capital allowances and the provision of evidence to the funder’s appointed surveyors in support of the purchase price. Negotiation commenced at the beginning of December 2015 and we are pleased to report completion took place at the beginning of March 2016.
The acquisition by Bond International will now enable them to undertake substantial refurbishment works at the property, on the basis of their continued occupation on site.