LPA team secures sale on rental portfolio
Acting as Law of Property Act Receivers appointed by Allied Irish Bank, Harris Lamb has recently sold a mixed portfolio of commercial and residential properties in Evesham, Worcestershire.
Jacqui Bayliss, who specialises in LPA work, said: “We’ve been working on this particular portfolio with AIB for the past 18 months to asset manage them to ensure the properties were at least recouping running and holding costs until market conditions improved to enable satisfactory sales to be negotiated.
“We went on to sell three of these properties at auction, and three by private treaty, the proceeds of which made a reasonable contribution toward recovering the bank’s debt,” she added.
Jacqui said there had been challenges associated with the sale: “The scheme was conceived and put together at the height of the property boom, when developers acquired properties with large back gardens, refurbished them and subsequently gained planning permission to build apartment blocks on the land at the rear.
“When the property market crashed, so did the demand for this type of property.
“This is typical of fixed-charge Receiver work. The expertise of the Receivership team, along with the other skills that Harris Lamb has enables us to offer a comprehensive service to lenders,” she added.
Harris Lamb works across the UK and is currently providing LPA work in the North West and South Wales.