Cordatus Completes Sale of Jericho Boatyard, Oxford
The sale of this controversial 0.9 acre site in Jericho, central Oxford finally concluded at the end of April. Historically the site, previously owned by the British Waterways Board, had been the subject of two failed planning appeals for residential development, despite being allocated for residential use within the local plan. The site, which had lain derelict since 2005, was the subject of much interest in Oxford, with numerous local interest groups all wishing to have their input into any development plans.
Following our appointment by PwC, the administrators of Spring Residential (a Castlemore Group company), Cordatus advised that the best sales strategy with least risk, given the previous planning history and with only minimal new capital available to the administrators, was to agree an unconditional sale of the site in its existing state i.e. without incurring the expense and uncertainty of attempting to gain a planning consent.
Cordatus subsequently negotiated the sale of the site to SIAHAF (Strategic Iconic Assets Heritage Acquisitions Fund) at a price that was 75% above business plan exit target.