Whitedrake was instructed by this housebuilder to secure a forward sale for 15 apartments at their development in Mickleover. Prior to our involvement, our Client had attempted to sell these units directly to various local Registered Providers (Housing Associations) but were unable to achieve their desired terms. Our role was to leverage our network to identify a suitable Housing Association and secure an agreeable transaction for our client.
Unmet Client Expectations: Our Client’s previous attempts to sell the units to local Registered Providers had not yielded the financial terms they sought. Our client could only afford a tiny discount to OMV which was a tough proposition on a bulk purchase.
Optimising Value: The primary challenge was to find a Housing Association willing to meet our Client’s terms and negotiate them to the desired price point, even after the client’s initial efforts had faltered.
At Whitedrake, maintaining our established long-standing relationships within our network of institutional investors is a fundamental part of how we operate. We therefore knew prior to accepting the instruction that the Purchaser was actively deploying capital and that matched their precise investment criteria. We then engaged with our colleagues at the Purchaser’s and steered negotiations to achieve the terms our Client sought, where previous efforts had not.
Whitedrake successfully secured Heads of Terms (HoTs) with the Purchaser within 5 weeks of instruction. Following this swift agreement, the contracts were exchanged in a further 12 weeks, demonstrating an efficient and well-managed process. The transaction concluded the sale of the 15 freehold apartments at a tiny discount to open market value.
This case study exemplifies Whitedrake’s ability to consistently achieve optimal outcomes for clients, even where their previous internal efforts have stalled. It’s a testament to the strength of our established relationships and the trust and credibility we’ve built with investment funds in the market. This enabled us to quickly identify the ideal buyer and secure terms that surpassed our client’s prior attempts. The efficient progression from initial instruction to Heads of Terms and then to contract exchange simply underscores our commitment to delivering streamlined, value-driven transactions in the forward sale market.