Michael Jones Commercial win the battle for the British Legion
The team at Michael Jones Commercial have faced a variety of challenges to find a suitable purchaser for the former British Legion building situated on Clifton Road, Bognor Regis but their hard work and perseverance has finally paid off.
The decision to close the Legion after 90 years of social gatherings within the building was taken back in November 2012 due to diminishing numbers of members resulting in a lack of funds to support the club. The club had originally opened in the 1920’s to honour the memories of British soldiers who had fought in the First World War.
The Commercial team were originally asked for advice on the sale of the property back in 2014 and valued it at £150,000. After a six week marketing campaign a buyer was found for the property but due to the Localism Act 2011 it meant that a public moratorium was issued to establish whether there was another feasible community use for the building.
After the six month delay it was deemed that there was no alternative public use for the site, and it was then re-marketed by the team at the same guide price via a competitive bidding process. The marketing campaign generated significant fresh interest in the property and 12 offers were received via sealed bids.
The sale finally completed in August 2016 to local property developers for £240,000 which generated a staggering figure of over £90,000 for the British Legion. The new owners of the site are established clients of Michael Jones and they intend to submit a planning application to build 4-5 residential properties on the site creating some much needed local housing.
Jon Justice, Assitant Manager of the Commercial department commented “We were delighted to act for the British Legion in the disposal of this property. To achieve nearly £100,000 over the Guide Price shows just how much interest there was in the site and also the shortage of similar stock available in the market place.”
If you would like advice on selling your property via the “competitive bidding process” or indeed via normal open market terms and would like a no obligation market appraisal then please contact a member of our Commercial Team on 01903 201212 or email firstname.lastname@example.org
Content accurate at time of publishing.