Major Plymouth commercial deal signed hours before Chancellor’s Midnight deadline

Mark Slade of Bruton Knowles - Picture by Carl Hewlett/Thousand Word Media Ltd

Leading Plymouth commercial property firm Bruton Knowles was well placed to react to the Budget announcement – exchanging contracts on the acquisition of a multi-let investment at Langage Business Park just hours before the hike in Stamp Duty.

By signing off on the deal before the midnight deadline Mark Slade from Bruton Knowles was able to save his client nearly £20,000 in extra duty.

He said: “We had to be on our toes to tie off all the loose ends before the Midnight deadline, as we heard the Budget statement early Wednesday afternoon and we were not quite ready to exchange.

“In fairness all parties, the solicitors and selling agents, Alder King and Jones Lang Lasalle assisted in getting the transaction done – although George Osborne won’t be very pleased!”

The multi let investment, which comprises four occupied units at Drakes Court on the popular Langage Business Park in Plymouth, was acquired off an asking price of £3.1m.

Langage is an established industrial/warehouse location just off the A38. The four modern, trade/industrial units completed in 2000 offer a total of 39,643 sq ft.

“Our long term client had been seeking a ‘clean’ investment for some time and this seemed to fit his criteria perfectly.”

Langage Business Park is made up of industrial, distribution, manufacturing and trade counter uses as well as car dealerships and call centres. Nearby occupiers include an EE Call Centre, Dixons, Toyota, and Audi Car Showrooms.

The deal is the latest in a string of successes for Mark Slade, has just sold Sandy Court – another detached, high quality office building on  Langage Business Park – to luxury scuba diving holiday provider Blue O Two.