Bodyshop sale enables owners to take early retirement
When the owners of a long established bodyshop business in north-east Surrey approached Bonsors for their help, the Kingston upon Thames-based commercial property practice arranged a prompt sale to a local developer.
After 30 years operating a successful and reputable 10-bay bodyshop in the area, the owners were struggling to achieve pre-covid levels of business and took the decision to take early retirement.
Although the owners had leased the premises for the entire time the business was operational at a cost of £49,000 per year, after consulting with Bonsors, they were advised to purchase the freehold if possible.
Bonsors undertook the liaison with the property’s owner and negotiated a purchase price whilst at the same time helping the owners to raise the capital.
Following the successful purchase of the bodyshop, Bonsors then began the search for a buyer eventually overseeing the sale to a local businessman.
The 5,182 sq. ft. premises which previously incorporated space to park and store up to 30 vehicles was a sizeable plot in a prime location in the Kingston area so it wasn’t surprising when a buyer came forward and snapped up the site. The local businessman has since redeveloped the premises into industrial units which are now leased to a handful of local businesses.
4 Bonsors director Andrew Pollard said: “The owners of the bodyshop were in a quandary as to what to do, they had originally considered putting more energy into the business but retirement was their preferred option. In order for them to capitalise on the premises where they had run their business for three decades, it made sense for them to purchase the freehold. We were delighted to oversee the initial element of the proposition which resulted in a fast purchase. With the demand for industrial units and warehouse space at a high, we were confident that a prime site on the edge of London would be very quickly acquired.
“Once we had secured the bodyshop owners as the freeholders of the land, we set about finding a buyer. As we expected, it wasn’t long before a local businessman recognised the potential of the site and we negotiated the sale. The entire process from purchasing the freehold to selling the premises took just six months reflecting both our commitment to finalising all agreements in a timely and efficient manner and the demand for prime sites in our area.
“For the bodyshop owners, we were delighted to be part of a negotiation which has enabled them to take an earlier than expected retirement after providing an essential service to the area for 30 years.”
If you are considering selling your property or you would like advice on potentially purchasing the freehold of your business lease, please contact us at Bonsors, you can email Tom Batey at thomasb@bonsors.com or call him on 0208 247 9509.