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
Indicative offers are required by close of business Monday 20th July. Long established business, founded in 1996. Good core, repeat business customers. Bonded warehouse. Established brand name.
Designs, supplies and installs fibre optic and IT cabling solutions for clients throughout the UK and Europe. Offers electrical, structured cabling and network/Wi-Fi solutions, AV equipment and LAN/ethernet, in addition to project management, consult...
LEASEHOLD
Imports an extensive selection of toys and gifts, which are sold to trade customers throughout the UK and internationally. Has established a strong reputation within its sector for its innovative product range, competitive prices and exceptional serv...
FREEHOLD
|
14
|
|
Jul
|
Huddersfield retail park acquired out of administration | COMMERCIAL PROPERTY
Huddersfield’s Gallagher Retail Park has been acquired...
|
14
|
|
Jul
|
Directors of distressed companies get more breathing space | BUSINESS NEWS
The temporary suspension of wrongful trading provisions intr...
|
13
|
|
Jul
|
Yorkshire retailer Peter Jones enters administration | ADMINISTRATION
Well-known Wakefield-based retailer Peter Jones has entered ...
Sign up to receive our acquisition alert emails to get your FREE guide
|
25
|
|
Sep
|
Hotel near Rutland Water on the market for £10 million | BUSINESS SALE
The Barnsdale Hall Hotel, situated on the banks of Rutland W...
|
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...
Business Sale Report is your complete solution to finding great acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources