Property for sale ... but offers only?

tupac662

Hi guys we are considering buying an industrial property from the council but we're not sure about the price.

Spoke to one of the officials and he said the property previously sold but the sale didn't go through which is why this time around it will be sold to whoever makes the best offer.

I've never really encountered this before and I'm not property savvy at all, but how can we check how much it sold for previously?

We don't want to offer too much for it but we really want it.

Link to the property is below.

http://www.gateshead.gov.uk/Business/Property/Home.aspx

It's an industrial property so we're hoping there wont be too much demand for it!

Thanks in advance!

davidmcn

tupac662 wrote: »

Spoke to one of the officials and he said the property previously sold but the sale didn't go through which is why this time around it will be sold to whoever makes the best offer.

I've never really encountered this before and I'm not property savvy at all, but how can we check how much it sold for previously?

Well, it didn't "sell", so there wouldn't be any public record of it. You can ask the council if you like. They don't need to tell you. But is it relevant if you're now competing against other bidders?

Aren't you going to get any professional advice about the value?

You might also want to check past council papers about contamination at the site.

upoiupou

tupac662 wrote: »

I'm not property savvy at all

Gosh, I would get savvy quick if you're thinking of buying anything, let alone something like this. I know nothing about buying industrial property but if I was going to I'd be googling all over the place and talking to specialist surveyors, agents and anyone else I could think of.

Maybe an independent surveyor or agent could advise you and help you negotiate, for a fee. At the least, making an enquiry about whether they offer this service could give you a chance to pick their brains, see what approach they recommend and if you mention this property they may have some knowledge about it. People with expertise are often willing to share what they know, to an extent, even if you don't end up making any kind of arrangement with them.

I'm not even going to ask what you plan to do with it...

Grumpelstiltskin

Seeing as you have only got till Wednesday to put an offer in I hope you have done what the council asks.


2. Supporting Information




A. Details of the person(s) or company that is offering to purchase the freehold interest. For a company,




you should include details of the full company name, registration number, registered address and


contact details for the individual submitting the offer.


Bxxxxxx. An indicative scheme layout plan at a minimum scale of 1:1250xxxxxxx


Cxxxxxx. Anticipated development programme, including phasing details xxxxxxxxxxxx




This information should be returned in a sealed envelope using the orange address label which is


available upon request and delivered to:


Chief Executive,

G_M

So it's one of these? Which?

Business Centres

• Blaydon Business Centre
• Gateshead International Business Centre
• Greenesfield Business Centre
• Northern Design Centre
• Business Premises Search

External links

• Baltic Business Quarter

And yes, I'll ask - what for?

The intended use obviously has relevance to its value to you.

tupac662

Thanks for taking the time to reply!

We are aware part of the site is contaminated and that suits us fine as it means less demand for the land.

We're hoping to relocate our second hand motor business and MOT station.

tupac662

G_M wrote: »

So it's one of these? Which?

And yes, I'll ask - what for?

It's this one http://www.gateshead.gov.uk/Business/Property/Properties/Buy/Swalwell-Depot/Swalwell-Depot.aspx
former public works site

Hoploz

You need to speak to a local agent who deals in commercial properties. A friendly chat may be informative, you could find the values of any other suitable properties they have to offer. Often they act as surveyors too, so you could pay them to give a survey price.

If you're getting a mortgage then you'll need to satisfy the lender also.