Project: Disposal of General Needs Stock
Client: Ministry of Justice
Date: 2013 - 2014
The Client was in possession of the freehold interest in a listed building, which comprises a block of 24 flats built in the early 1900s. The building was formerly used as accommodation for prison officers working at the adjoining HMP Wormwood Scrubs but, in recent years, was used by the local authority as short-term accommodation for the homeless families.
On agreement of a new lease with the local authority, JLL was instructed to market this freehold interest for sale. JLL put together a full marketing campaign, including developing an on-line data room; identified a select group of bidders; and invited offers from these bidders off-market. Having analysed these bids alongside our client, JLL assisted with all negotiations with bidders and provided a full management service to exchange and competition of contracts.
JLL identified several interested parties for the stock and received a number of competitive bids. JLL was able to negotiate a final price that was above valuation.