Durlings, have arranged the sale of Arriva’s Bus Depot.
The landmark site on the St Johns Road (A26) has been home to the Arriva bus company for many years. Its sale, on provision of a leaseback, will allow the business to complete its plans for a strategic relocation.
The 1.32-acre site, comprising two adjoining high bay industrial buildings and interconnecting offices was offered to the market by Durlings in January this year. It has now been sold to an undisclosed residential developer.
Not unsurprisingly, given the size of the site and its proximity to both the town centre, along with good road links to the A21 and the M25, there was a huge amount of interest from prospective purchasers.
Durlings received some 30 proposals for the site, the majority of interest being to develop it for residential use. All of the bids had to be reviewed and managed as part of a very tight timetable. A purchaser was nominated as the preferred bidder and the sale was effected within 31 working days.
“This was a great site to be instructed on,” commented Rupert Farrant of Durlings. “Given its prime location in the town, it has been the focus of a lot of attention. I’m pleased that we’ve been able to help Arriva manage their corporate requirements to maximise the sale receipt and to assist with their relocation, and to have done so within a relatively short time-frame.
“That was in part due to our marketing process which included the creation of a bespoke website for the site including a document room. That in turn gave all those interested in making an offer the ability to access a wealth of information and enable them to carry out their due diligence before submitting a proposal.”
“The team at Durlings have been invaluable in their management of a complex bidding process,” said Alasdair Baird of Arriva. “Their diligent approach has enabled us to keep to the timetable we needed as a business and to achieve the best outcome for the site. It has also allowed us time to progress our planned relocation.”
Durlings have the expertise and local knowledge to carry out commercial valuations. Durlings are also able to offer both landlords and tenants representation in rent review or lease renewal negotiations. Find out more
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