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BHP agreed to acquire the former Barclays Bank on an unconditional basis.
Through it retail agency contacts, BHP was aware of the William Hill betting shop requirement and exchanged contracts on an agreement to lease simultaneously with the purchase.
There was no change of use required given the historic A2 use and following limited building works William Hill took occupation.
The property was subsequently sold by private treaty.
- Good retail pitch
- A2 use
- Known betting shop requirements
- To secure a pre let to William Hill
- To secure a value arbitrage without significant risk
- Whilst the letting was agreed on a back to back basis, some building works were required
- Relatively small lot size
- Relatively slim margin
- Construction cost inflation
- Exit yield