Vail Williams was appointed by further education specialist, Highbury College, in Portsmouth, to source a buyer for its 48,409 sq ft City Learning Centre.
The centre, which boasted purpose-built learning facilities, had become surplus to operational requirements. The client sought a quick sale in line with the end of the academic year, which was just a few months away.
How we helped
Quickly got to grips with the client’s objectives to secure the sale at the best possible price.
Developed marketing strategy to target alternative uses including office, education, private rented sector, hotel and leisure, co-working, affordable housing, amongst others.
Contacted active buyers in the market, and existing investor and developer clients.
Marketed on a semi-exclusive basis, ensuring high interest, to guarantee best return on investment for the client.
Arranged eight inspections in eight weeks, seeking offers on best bids basis.
Reviewed and considered offers on three shortlisted proposals.
Recommended acceptance of bid from the University of Portsmouth, whose campus was adjacent.
Whilst the highest offer, it was also unconditional cash purchase with no associated funding risk.
Highbury College accepted our recommendation.
The property was sold for £5.7m, on vacant possession.
Everything was agreed within 3 months.
Achieved one of the largest disposals on the south coast.
Sale value equated to £118 per sq ft on the net area, and £95 per sq ft on gross internal area.
Property represented a valued addition to the University, providing high quality learning facilities, whilst relieving pressure on other teaching spaces.