Gort Muire, Dundrum
Our Client, a Religious Order, had been served with a Vacant Site Notice in respect of surplus lands (c. 8.5 acres) to the rear of their Provincial Centre which may have resulted in a substantial financial liability into the future. The decision was made to dispose of the lands. Our task was to conduct an off-market sales process designed to maximise the sales proceeds whilst ensuring that the subsequent development did not encroach on or negatively impact on the retained use as a Provincial Centre for the Order.
Given the proximity of their retained property and the requirement for shared access arrangements, creative solutions were required to provide a suitable development access to the surplus lands while also ensuring minimal disruption to the ongoing operation of the Provincial Office. Bannon engaged with and led a team of professionals to design a shared access road to provide a suitable vehicular access to both the surplus and retained lands. The obligation to provide this access road to an agreed specification was incorporated within the contract documentation. An off-market sales campaign was carried out to identify a preferred purchaser/development partner using the team’s knowledge of the development market and participants track record to identify the correct party.
A confidential, off-market campaign resulted in a sale over 30% in excess of the Guide Price. The Purchaser has an obligation to construct shared development access and car parking to serve the Vendors retained property. The funds generated allowed our Client to fund their Charitable Activities in Ireland and overseas.