74 High Street
WhitstableVIEW ALL OUR TRANSACTIONS
A former hall was acquired by BHP on a subject to planning basis for A2.
The premises were subject to a rigorous marketing exercise by the vendor’s agents and BHP secured the purchase contract following an extended bidding process.
Upon exchange of back to back contracts for (i) the conditional purchase and (ii) a subject to planning pre let to Tote, BHP submitted a planning application for a change of use to A2 betting shop.
Once planning was obtained, a purchase and letting occurred simultaneously and the shop was sold at auction.
- Prime pitch in the town centre
- Pre-let to Tote, subject to A2 planning
- Acquisition subject to A2 planning
- To convert the pre let agreement to a secure letting
- To realise a significant value arbitrage with only planning fees at risk
- The price agreed reflected stiff competition for the unit
- Planning risk
- Planning risk of turning a community hall into a betting shop
- Exit yield fluctuation