Project summary
- FG were instructed by Lilley Brook Golf Club, as they had been approached by a company to purchase the telecoms mast on their land.
- There were several drivers behind instructing FG including auditing the lease, ensuring the golf club had maximised the value of the asset and due to the impact of the Digital Economy Act 2017 driving rents down, meant Lilley Brook Golf Club could minimise their risk by selling the long leasehold.
- FG also advised on the outstanding rent review due under the lease.
Solution
- FG ensured that the outstanding rent review was carried out to maximise the rent for Lilley Brook Golf Club prior to engaging on the site sale.
- FG then put the site to the open market and invited offers. After a competitive first round of offers, FG recommended going to best and finals.
- Once all offers had been received, FG provided advice on the prospective purchasers and sent recommendations to Lilley Brook Golf Club.
- FG negotiated the Heads of Terms on behalf of Lilley Brook Golf Club and recommended a solicitor to draft the long leasehold agreement on their behalf and then were engaged until completion of the long leasehold.
Benefits
- Lilley Brook Golf Club managed to achieve a package worth £29,500 more than the original offer.
- The Heads of Terms were negotiated in good faith and ensured they provided Lilley Brook Golf Club with the necessary protections.
- Up to date rent reviews ensured that Lilley Brook Golf Club were able to maximise the value of the asset.
