Carter Jonas were instructed to act on behalf of Cambridge (Perne Road) Limited to dispose of a site in central Cambridge for residential development. The site comprised a number of back gardens, the demolition of one house for access and the development of 8 houses and 6 apartments.
It was agreed with the owners, that the most appropriate disposal strategy was to sell the SPV Company as a going concern, this had major tax benefits to the owners and the site was its only asset.
In this instance, the owners were keen to “place” the site as opposed to carrying out a full marketing campaign and it was agreed to offer the site to six companies, all of whom are well known to Carter Jonas as being active within the specific Cambridge market and deal with the sale by way of an informal tender.
A conditional sale of the company was agreed to Hemingford Estates subject to the grant of planning permission for eight houses and six apartments and vacant possession. Carter Jonas not only assisted on the company disposal, but provided new homes and planning advice to both the owners and the purchasers.