The Imperial Society of Teachers of Dancing
Selling a surplus property to boost reserves & fund a refurbishment
Sold for ~£815 per sq. ft.
3 months from instruction to sale completion
£6.5m lot size
The ISTD owned a dance studio in Old Street as part of its Central London office portfolio. However, the building was under-used and required expensive repairs and refurbishment to make it accessible and fit for purpose.
The charity wished to sell the building to boost its reserves and direct capital to another building in the portfolio.
TSP was appointed to undertake a Charities Act valuation before marketing the building for sale. Our valuation provided the ISTD with an accurate valuation while also suggesting ways to enhance the value, and the best methods of marketing.
We then enacted our plan working alongside a joint sales agent. The building had a D1 use and was therefore considered a niche proposition. We were however able to market to a wide range of potential purchasers, everyone from developers to owner-occupiers.
After two months of marketing, we attracted an unconditional all-cash bid from an owner occupier. This was the ideal buyer profile.
The sale completed within 20 working days for a figure well above the formal valuation.
The ISTD then reinvested the funds in its other building. It could completely refurbish the office while retaining a substantial sum as part of its reserves.