Craigatin House, Pitlochry

At Graham + Sibbald we’ve been buying and selling commercial property in Scotland for well over 50 years. We are recognised as one of the leaders in the highly competitive Hotel and Leisure sector and are retained by many of Scotland’s leading hospitality and leisure groups.

We offer a level of specialist experience and expertise that most other property agents lack. Our advice is well-researched and realistic and we are skilled at working with all of the key players in the sector, including tenants, landlords, solicitors and relevant public sector bodies.

In addition, we offer a sector-specific understanding of marketing, purchaser requirements, accounting principles, employer legislation and licensing regulations.

Approach

Initially we provided realistic pricing advice based on the business’s turnover and profits, before entering in to production of high-quality bespoke sale particulars showing the brand of the Guest House as much as the information about the sale.

Preparation, with the vendors, of a thorough pack of supporting documents for the sale, including all documents we’d expect to have to produce in order to get missives to conclude.

Word of mouth marketing was then implemented to individuals who had shown interest in other similar businesses but had not progressed with same.

Once we were able to list the availability online, we reacted to all interest timeously, and ensured all leads were followed up, pressing for viewings where possible. We then released additional information to interested parties following a successful viewing.

Once a formal offer had been received, we passed this to the vendors solicitors with our comments on the reasonableness of the clauses within it. We worked with the vendor’s solicitor to ensure that missives were concluded as soon as possible.

Key Challenges

Marketing such a prominent and well-known business without affecting turnover and sales was the main issue faced with this instruction. Initially, we were unable to openly market the disposal, however, this restriction was soon overcome.

The eventual buyers viewed the premises in March 2018 but were unable to commit to the purchase until November 2018. It then took a further six months to sort out finances and conclude the sale. Keeping everyone happy during this period, was a challenge.

Results

The disposal was projected to take two years and was officially completed in two years nine months. This timeframe includes the time during which the premises was restricted in terms of open marketing, however, we were still delighted to have successfully completed the sale.

Graham + Sibbald ensured the provision of a thorough marketing campaign from start to finish, tallying up 236 interested parties generated, 9 formal viewings, 3 verbal offers and 1 successful formal offer during the course of the project.

The initial offer was in excess of the valuation obtained on behalf of the bank.

Key Message

Good communication with all parties was extremely important throughout this disposal project. Handling the issues within the sale during missives to ensure that a good relationship between vendor and purchaser was maintained, despite difficult issues to overcome.

Ensuring that our experience in other transactions was communicated effectively to apply pressure when needed, but also, to keep patience at the right times.