Coke Gearing is pleased to announce the successful sale of Basbow House, a prominent town centre office building on Basbow Lane, Bishop’s Stortford.
The successful sale comes against the backdrop of a challenging commercial property market, where higher borrowing costs, economic uncertainty and cautious decision-making continue to influence both buyers and sellers.
In this environment, securing a successful sale requires the right property to meet a genuine occupational requirement, and Basbow House proved to be exactly that. The Purchaser was an established local occupier whose existing lease was approaching expiry. Rather than committing to a further period of renting, they were looking to purchase their own commercial premises and secure a long-term base for their business.
Basbow House provided an excellent fit, offering approximately 3,073 sq ft of accommodation in a town centre location, together with parking. The property offered the Purchaser the opportunity to secure premises that met their immediate occupational needs while also giving them the benefit of owning their own commercial property.
In the current market, transactions are taking more consideration from both buyers and sellers, so it is particularly pleasing to complete a sale where there is a clear occupational requirement behind the purchase.
The transaction demonstrates that, even in a more cautious market, well located properties that meet genuine business requirements continue to attract buyers.
For occupiers approaching a lease expiry, the current market may also provide an opportunity to review whether continued occupation under a lease remains the best option, or whether purchasing commercial premises could provide greater long-term security and an opportunity to build equity.
For further information on commercial property sales, acquisitions and lease advice across Hertfordshire and Essex, please contact Coke Gearing on 01279 758758.
