DWD were initially appointed to provide valuation and compulsory purchase advice to Domex following an approach by London Borough of Merton (LBM) to purchase their warehouse/office building to allow the development of a new school.
DWD were able to secure a significant improvement in terms offered by LBM within a number of weeks of our appointment having identified flaws in the council’s methodology. Having undertaken a thorough review of planning policy, DWD identified that the site offered the prospect of redevelopment to provide a self-contained residential scheme. DWD’s approach to valuation reflected that opportunity and following several months of negotiations we secured a c.300% improvement to the original terms offered together with beneficial terms of occupation until the land was required by LBM.
In parallel with our CPO/valuation advice DWD were also instructed to identify suitable alternative premises for DOMEX to relocate its business and also a suitable investment opportunity for the balance of the compensation released through the sale of their premises to LBM.
Within 6 months of agreeing the above compensation, DWD were able to identify and negotiate terms for DOMEX to relocate its operations to Surrey Business Park, Epsom and also acquire two properties as investments in Mitcham Industrial Estate, CR4 through two unconnected transactions before either property had been exposed to the open market.
DWD subsequently provided agency advice and secured a letting on one unit, assisting the client with various issues including leasing strategy, advising on a programme of works to improve rental prospects and making an application to the Local Planning Authority to secure a change of use.
DWD have recently commenced the marketing of the second unit following the completion of a refurbishment.