Whitby - New Foodstore Acquisition on Behalf of Retained Client - Sainsbury's Supermarkets Limited
Whitby is a small town on the North Yorkshire coast currently without a major foodstore. All of the major food retailers were interested in opening a store within the town, including Colliers International’s client, Sainsbury’s.
The Retail Development team knew it was essential they acted swiftly to secure a site in Whitby that had the highest chance of being granted a foodstore planning consent and only one store was likely to proceed in the
After undertaking an extensive review of all site opportunities with Sainsbury’s retained planning, highways, architecture and cost consultants, Colliers recommended that an offer was made on an industrial site on the edge of town. Following negotiations that had to be finalised swiftly owing to a competing bid from Tesco, a deal was successfully concluded on Sainsbury’s behalf to acquire the site unconditionally for existing use value with further consideration being payable if planning consent and vacant possession were secured.
- Understanding client requirements for a new store in Whitby.
- Review of suitable site opportunities.
- Co-ordination of Sainsbury’s consultancy team.
- Identification of best option.
- Negotiations with vendor.
- Management of legal process and liaising with vendor on behalf of client.
- Instruction of solicitors.
- Successful additional land search and acquisition.
- Provision of advice to client’s planning consultants in support of successful planning application for foodstore development.
Following planning approval of the site Colliers successfully secured vacant possession within the required timescales and also acquired additional land to provide a PFS on an adjacent site.
Sainsbury’s store of 30,000 sq ft net sales area with PFS commenced construction in early 2012 and is due to open in August of this year.