Markey Group - 254 Painswick Road

Markey Group - 254 Painswick Road

In recent years ASH have advised the Markey Group on a wide range of property related matters and on this occasion were instructed to assist with the disposal of No. 254 Painswick Road in Gloucester.

The property, a former filling station was acquired by Markey Group for redevelopment and planning consent was obtained to construct a retail unit on part of the ground floor with 14 residential flats in the remainder.

A purchaser was identified for the residential accommodation and ASH were instructed to dispose of the retail unit. It was decided that the best course of action was to market the unit with a view to creating an investment which could then be offered for sale.

Prior to construction commencing, Tesco Stores expressed an interest for use as an Express store and ASH were able to negotiate terms for a new lease and an Agreement to Lease was concluded. It was important during the negotiations to ensure the terms agreed would create a rental stream that would be attractive to a prospective purchaser.

The completion of the Agreement to Lease to Tesco Stores created an investment which ASH were instructed to offer for sale. The property received strong interest and several offers were received and we were required to request best bids from a limited number of parties and an offer was accepted from a Private Investor. Contracts were exchanged and completion took place when the building was finished.

View More Case Studies