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Acting for a Charity client which owns a substantial East London estate of retail property, we were instructed to advise on a tenant in financial difficulties and which had incurred substantial arrears of rent. We liaised with the tenant and co-ordinated a managed reduction in rental arrears over time, and at the same time confidentially marketed the premises for the landlord to identify a replacement tenant. After lengthy negotiations, terms were agreed at an increased rent to an award winning noodle bar operation who since opening have been very successful garnering excellent reviews in the national press.
SFP Property were appointed as LPA Receivers by a high street lender whose relationship had broken down with the borrower. On appointment it was apparent that there were significant rent and service charge arrears as well as management issues at the property which needed resolution.
SFP Property were appointed as Receivers and commenced negotiations with all stakeholders. We were able to bring arrears situation into balance and dealt with various complex occupational disputes with the tenants, which included negotiating and agreeing a very complex lease negotiation which underpinned a significant part of the value of the property.
Following the exercise, SFP Property developed a joint private treaty/ auction sale process where it achieved significantly in access of valuation attracting multiple bids and resulted in a surplus to the lender.
SFP Property was appointed Fix Charge Receiver over a mixed-use scrap yard, former public house site and industrial units in Norfolk. The lender had a large sum of money secured against the Property and had received various conflicting advice in relation to the value of the property, contamination and occupational issues.
Upon appointment SFP Property liaised with tenants on site and arranged for rent payment and regularisation of occupational agreements to allow for redevelopment. SFP Property also arranged for concise valuation advice and an environmental report to be undertaken in respect of the contamination issues and then prepared a strategy for realisation of the assets as a whole.
SFP Property was then able to coordinate a sale of the property after receiving interest from 10 prospective purchasers, which indemnified the lender in respect of any contamination, achieved a realisation in excess of valuation and also created potential of an upside (in respect of an overage agreement made between the Receiver and the Purchaser in the event that planning permission for residential development was obtained within a certain timeframe).
SFP Property was brought in as Receiver for a multi-site residential portfolio of properties in North London. The portfolio had been in receivership for 18 months previously and the incumbent receivers had allowed squatting on part of the portfolio, skip loads of rubbish had been dumped on site and the properties were flooded in disrepair.
SFP Property were appointed as replacement Receivers and within two weeks of appointment, the squatting issues had been resolved, the properties had been refurbished and cleaned up in preparation for sale and a strategy had been formulated in respect of an orderly disposal of the properties.
SFP Property developed and implemented an appropriate strategy recovering significantly above expectations, and thus enabling the lender to recover almost their entire level of debt owed.
SFP Property were appointed as Receivers by a private bank who had first charge over a penthouse flat, which had been fitted out to its owners very “particular” tastes. There were other charge holders secured behind our appointer all asserting claims in relation to priority.
SFP Property reviewed the situation and agreed a strategy with the various competing parties in terms of priority and negotiated a sale of the property.
The sale of the property resulted in a significant surplus to their appointer which was distributed to the other charge holders.
SFP Property were appointed to replace Receivers by an offshore SPV who had purchased debt secured on a substantial portfolio of retail, residential and office properties situated nationwide. There were numerous long and short dated leases producing an annual rent roll of £2M, albeit with voids and with numerous management issues. The appointment was further complicated by ownership structure of the portfolio, being domiciled in various jurisdictions.
SFP Property coordinated an asset management strategy with advisors which dealt with recovering arrears of debt, resolution of various VAT issues, the marketing of void properties, dealing with maintenance issues and putting in place a strategy for a managed disposal of the portfolio.
Certain disposals were undertaken “off market” where exceptional offers were procured and then a coordinated marketing campaign was undertaken which resulted in the sale of the portfolio at a surplus to the value of the debt which resulted in a significant distribution to shareholders.
This appointment concluded with the sale of the portfolio significantly in excess of the secured debt resulting in a significant distribution to shareholders which resulted in an enhanced internal rate of return within a 15 month time frame.
SFP Property were instructed to represent a landlord in negotiating a rent review between the landlord and tenant.
Negotiating against a national retailer in Upminster, the December 2016 rent review was concluded and at the same time a deed of variation was entered into by both parties extending the lease term by 10 years, which has significantly increased the value of the landlord’s investment.
SFP Property were able to successfully negotiate a rent review on behalf of the landlord which resulted in a 26% uplift in rental income for the landlord, which in tandem with the lease extension resulted in a significant increase in the capital value of the Property.
The SFP Group were appointed as Administrators over a company with a substantial M25 Industrial Unit.
SFP Property were instructed to assist the Administrators in valuing and disposing of the property. We were able to negotiate a surrender to the landlord on favourable terms and we were instructed to identify and acquire alternative premises for the purchasing company.
The Administrators made an unexpected realisation from the surrender of the Industrial Unit and the replacement premises were acquired on advantageous terms for the purchasing company.
The Asset Based Finance Association were located in Richmond offices which the landlord sought to redevelop. There was a significant potential dilapidations liability which had accrued at the property. The client needed advice on how to minimise liabilities, and to identify and acquire new offices.
We were instructed to negotiate with the landlord regarding the terms of ABFA’s vacation of the existing property. Simultaneously we conducted a search based on the client’s criteria for alternative premises.
Suitable terms were agreed to vacate the existing premises without crystalizing the liability. At the same time, new offices were identified and terms agreed which provided a useful cost saving on property costs, combined with additional facilities such as air conditioning and car parking.
Nationwide insolvency practitioner SFP is looking to sell a freehold property in Ipswich which was owned by Perizon Limited, after it was placed into administration. The property has recently been used as a nightclub.
Perizon Limited has two associated companies, one which ran Bowmans Bar next to the property, and another which ran the nightclub, Bowmans Club, situated at the property.
Due to a downturn in the trade of both these businesses, which has resulted in Perizon Limited entering Administration, the Company could not maintain its monthly payments to the secured lender.
As a result of the mounting arrears, the secured creditor sought the appointment of the Administrators. SFP’s Simon and Daniel Plant were appointed on 7th November 2017.
“The Joint Administrators have secured and insured the premises and have liaised with various agents in order to obtain valuations for the freehold’” said Jeremy Perceval, Managing Director of SFP Property. “We have been instructed to market the freehold for sale and are looking to complete a sale in the short term”.
The SFP Group had taken on a complicated bankruptcy appointment over an individual who owned a chain of Italian restaurants and required assistance from SFP Property. Although there were various complicating factors, it was determined that it was economic for the business to continue to trade. However, this required agreement from the landlords and as there was significant rent arrears on certain premises and conflicts across the portfolio, this was an issue that required resolution.
SFP Property conducted inspections of the sites, audits of the leases and arrears positions and assessed the relative merits of each of the parties bargaining position. It compiled a strategy which was agreed with stakeholders. It then conducted extensive negotiations with the landlords, which enabled the time to trade the business and conduct a sale process in an orderly fashion.
This ultimately resulted in a sale of the Business with an excellent recovery for creditors, both secured and unsecured.
SFP Property provided strategic advice to a lender who had first charge security over a part built block of flats situated nationwide. Ownership of the property belonged to an offshore group of companies.
SFP Property were appointed to take control of the property and through a managed programme of works were able to stabilise the development programme and complete works through to building regulations and NHBC (equivalent) completion in 9 months.
SFP Property successfully managed the programme of disposals into a rising market resulting in a significantly enhanced realisation for the lender.
The SFP Group assisted in the restructuring of a retail business with premises in an exclusive area of London. As there were discrepancies in the value of the property. SFP Property were instructed to assist with the valuation and potential disposal of the premises.
After inspecting and assessing the position, it was determined that there was a theoretical premium value and that if a purchaser could be identified, a substantial rent deposit could be recovered for the benefit of the creditors.
SFP Property instructed a local expert to jointly market the Premises and the landlord was contacted and advised of the proposals. A suitable assignee for the lease was found, who agreed to pay a substantial premium. SFP Property saw the matter through to completion, which resulted in a substantial recovery for creditors and included the repayment of the landlord’s substantial and unanticipated arrears of rent.
SFP Property are pleased to announce that they have recently completed an extensive property acquisition programme for Poplar HARCA. Since February 2018, SFP Property have acquired 19 residential properties for this client in preparation for an exciting regeneration programme in East London.
Jeremy and his team were tasked with developing and implementing a strategy to liaise with existing and absent leaseholders, identify and communicate with vendors, advise on value, negotiate terms for the client and to liaise with all parties to assist in the conveyancing process.
The acquisitions formed part of the initial phase of a regeneration programme which could eventually provide as many as 1,500 – 2,500 new high-quality homes.
“Poplar HARCA appointed SFP in early 2018 to proactively manage a leasehold buyback land assembly programme. The SFP team, led by Jeremy Perceval, delivered an excellent service throughout, providing regular feedback and exceeded our expectation providing significant value for money.” Paul Dooley, Deputy Director for Development and Regeneration