Embattled Plymouth business park to be sold for £12.2 million

Tue, 10 Oct 2017 | COMMERCIAL PROPERTY

A business park on the south coast is set to be sold after a lengthy legal battle over its ownership, with a deal anticipated to be worth over £12 million.

Faraday Mill Business Park, which is home to over 60 individual firms in Plymouth, is currently being offered to potential buyers by commercial property firm Knight Frank.

Though it was once part of a larger group, the London and Westcountry Estates, Faraday Mill’s ownership became a court matter thanks to a drawn-out legal battle between its original owners, Michael and Diane Hockin, and the Royal Bank of Scotland.

The Hockins maintain that they were due more than £30 million in compensation after RBS had mis-sold them an interest rate swap, which they said then took London and Westcountry Estates into administration in 2012.

Though the case was settled out of court, London and Westcountry Estates lost ownership of Faraday Mill, with Ernst & Young taking over as administrators before first attempting to sell the property in 2012.

In 2014, the administrators sold the freehold of Faraday Mill to investment firm Caisson Investment Management, along with its joint venture equity partner firm Parabola Capital, for £6.8 million.

This freehold is now up for sale, with Knight Frank instructed to seek offers in excess of £12.2 million. A brochure for the property states that Faraday Mill produces over £1 million in rent every year, with only three commercial units unlet.

The park is currently home to some of Plymouth’s most well-known businesses, including G&R Electrical, Fix Auto Plymouth, the Hideaway Café and J&S Accessories.

Subscribe to Business Sale Report


Share this article



Latest Businesses for Sale

Builders Merchant
Manchester, UK Wide

The business for sale is a popular, independent builders’ yard/supplier specialising in a wide range of building products. Offers invited.

Asking Price: £299,500
Turnover: £570,000

LEASEHOLD


Joinery Business
East London, South East, UK

This is a fantastic opportunity to acquire a long running and well-established joinery business currently serving the London area. Offers invited.

Asking Price: £420,000
Turnover: £780,000

LEASEHOLD


Dust & Fume Extraction Specialist
Scotland, UK

Specialises in comprehensive dust and fume extraction solutions, providing tailor-made designs, installations and support services. Offers invited.

Asking Price: Offers Invited
Turnover: £534,000

LEASEHOLD



View more businesses for sale

News Search

Latest News

 
26
 
Mar
 

Craft beer company goes under | ADMINISTRATION

With stores in London, Canterbury and Margate, craft beer me...

 
25
 
Mar
 

West Midlands transport company enters administration | ADMINISTRATION

The company behind the Ring and Ride services throughout the...

 
22
 
Mar
 

Scunthorpe nightclub up for sale | BUSINESS SALE

A former nightclub based in Scunthorpe has been put up for s...

Free guide: 10 Biggest Buyer Mistakes

Sign up to receive our acquisition alert emails to get your FREE guide

Email


Related News

 
06
 
Sep
 

Luxury hotel up for sale | BUSINESS SALE

A luxurious four-star boutique hotel in Cambridge is up for ...

 
13
 
Nov
 

Welsh commercial property for sale | COMMERCIAL PROPERTY

Ty Hywel, a commercial property that is the current location...

 
18
 
Sep
 

Hallam Tower for sale | COMMERCIAL PROPERTY

An iconic commercial property, Hallam Tower in Sheffield, ha...

Want access to the latest businesses for sale?

Business Sale Report is your complete solution to finding great acquisition opportunities.

Join today to receive:

  • Comprehensive range of businesses for sale
  • Make direct contact with business sellers or their intermediaries
  • Access to all UK administrations, liquidations and winding-up petitions
  • Daily email alerts for the latest businesses for sale & distressed notifications
  • Business Sale Report publication posted to you every month
  • Advertise your acquisition requirements on our "business wanted" section

All this and much more, including the latest M&A news and exclusive resources