Challenge

To dispose of vacant 32,000sq ft.  former bingo premises on 1.64 acres  of land at 154 West Granton Road, Edinburgh, EH5 1PE.  Our client is a major player in the national bingo sector and their UK business suffered a downturn by the imposition of new smoking ban regulation in 2006 and adverse gambling regulation and taxation.  The timing of the disposal reflected the downturn in business and the profitability of this site. The disposal was particularly challenging due to the reduced demand across the bingo and Class 11 (Assembly & Leisure) sectors due to the general market turmoil from late 2008. Despite this, Colliers International secured a sale of the property in March 2013 to a developer purchaser following the receipt of planning consent to Class 1 retail. 
 

Strategy

  • Phase I - Identify value and liaise with client on best disposal strategy
  • Phase II - General real estate marketing
  • The continued downturn in the national leisure market proved that there was no interest from this sector.  General real estate marketing then undertaken to secure a purchaser who would be prepared to seek a change of use to Class 1 retail where purchaser and tenant demand may exist.
     

 Services

  • Disposal Advice and Marketing
     

Results

Sale agreed with Aspin Estates Ltd in Glasgow following receipt of planning consent to change use to Class 1 retail for a price of £1.25 million.