Our clients an amusements operator were looking for new potential outlets.
We identified a potential property in Wallsend which was acquired unconditionally. Despite initial indications to the contrary it soon became clear that planning consent would not be available for the amusement use.
We marketed the property to let and secured a letting to a national covenant who were prepared to take a 10 year lease and significantly improve the building.
Following the letting the clients are holding the property as an investment, having secured a significant enhancement in capital value.