CLIENT
-
Private Client
CLIENT INDUSTRY
-
Holiday Park
SERVICES PROVIDED
-
Sale
LOCATION
- Musselburgh, East Lothian, Scotland
SIZE/VALUE
- 10.74acres (4.35 ha)
DIVISIONS INVOLVED
- Leisure and Trade
DATE
- March 2021
I am pleased to have instructed Savills to sell my holiday park, they have done everything in a very professional manner and have gone beyond the call of duty. It has been an absolute pleasure speaking with the team who have always been cheerful and very upbeat even through some very challenging days.
Park Owner - Private Client
CHALLENGE
Savills was instructed by a private client to provide advice on the disposal of the heritable interest (Scottish equivalent of freehold) in Drummohr Holiday Park.
Savills carried out a market appraisal and made recommendations in relation to the appropriate method of sale, price, approach to marketing and pre-sale due diligence. Savills identified a number of irregularities with the planning permission and the Site Licence which did not reflect the current development and could disrupt the sale by way of price achieved or delay.
SOLUTION
Savills recommended that the planning and Site Licence should be regularised prior to proceeding with the sale. The advising agency team enlisted the assistance of the specialist Savills planning team to make the appropriate applications. During this period the agency team was able to prepare the property for sale to include organising drone photography, producing glossy sale particulars collating further information for the online data room and make arrangements for energy performance certificates and floor plans.
RESULTS
Due to Covid-19 both the Site Licence and planning permission responses were delayed and as such the agency team took the decision to launch the property to the market.
Response for the property was strong due to the premium location of the property after an early competitive process terms were agreed with a large company with limited experience in this market sector. Bank funding was not required. As this was an asset class the acquiring company were unfamiliar with they undertook a cautious and particularly detailed approach to due diligence enquiries.