Against the backdrop of business lockdown, a deal to sell a former public house on Oundle Road in Peterborough has been concluded in just 28 days and for a sum in excess of the asking price, confirms city agent Barker Storey Matthews (now part of Eddisons).
The freehold of the former Cherry Tree public house was marketed for sale earlier this year (2020) for £400,000 by Barker Storey Matthews on behalf of its client The Milton Estate, the owners of the property.
While the owners had originally intended to refurbish and re-let the Cherry Tree the public house following the departure of the previous tenant three years ago, the interim period has seen the Cherry Tree site designated as an Asset of Community Value (AOCV) by Peterborough City Council following a successful application by local campaigners.
Several incidences of vandalism while the property was vacant as well as unsuccessful negotiations with adjacent landowners about potential for their use of the land, saw the Milton Estate review its position and decide to sell the Cherry Tree site on the open market.
Barker Storey Matthews launched the property and site for sale earlier this year (2020) and immediately received serious interest from a number of parties.
The site’s ACOV designation gave local community groups a special opportunity to make a formal bid to buy the property and although one group showed strong interest in doing so, it subsequently decided not to proceed with registering an interest to purchase.
A number of competitive offers were received for the property during this period, with one of these leading to terms being agreed for a sale.
Barker Storey Matthews’ Julian Welch – who led the disposal on behalf of his client – explained, “The new owners were in a position to move quickly to secure the site’s purchase on an unconditional basis.
“Set against the prevailing practical and economic difficulties, the fact that the transaction was concluded in 28 days from solicitors being instructed is a testament to the professionalism of all parties involved, the desirability of this Peterborough site and, also, investors long term faith in bricks and mortar.”
Robert Dalgleish, Chief Agent at The Milton Estate, added, “We are delighted with the outcome secured by Barker Storey Matthews, both as to the price achieved as well as finding a resolution to the situation, particularly considering the site’s ACOV designation.
“Barker Storey Matthews provided advice on technical planning matters, in addition to advising on how best to market the premises to achieve our goal of unlocking the future of the site.
“The final deal was transacted at some speed and wouldn’t have been achieved without considerable support from Julian Welch and his team along the way – and much of this whilst everybody was working from home.”
The final sale price remains confidential and the new owner’s plans for the site are not confirmed.