Street of the Week - Reindeer Lane NP1 HO3
This week we are going slightly north of Bristol City Centre to a mixed development. This road combines a residential estate with a large industrial site including a factory, distribution warehouse and stabling. However it is a sensitive development in keeping with the surroundings. The road is special because it is owned by one family who also live on site and work in the industrial units.
The workforce also live on site and the residential units have been specially adapted for the factory workers, many of whom are of restricted growth. Working from home creates the perfect work life balance with little or no commuting, although the head of the family does personally oversee all aspects of the operation from orders to deliveries.
The factory is also specially adapted for the workers with height issues. The distribution centre is the hub of a major logistical operation co-ordinating deliveries on a worldwide basis. Although on the surface this is a cutting edge development, the family still use traditional methods of delivery, hence the need for stabling.
The one downside of this property is that being a little further north it can be very cold, also in the winter months the nights can be long. However if you want to work from home have a large workforce that you need to be on site and like animals then Reindeer Lane could be what you are looking for.
So what would a property like this cost to buy? Surprisingly not as much as you might think, our client is looking for someone to take over the business as well as take over the property, although potential purchasers should remember that under TUPE Regulations the staff would have to be kept on. Our client is looking for enough money to keep him in mince pies, sherry and carrots for his animals, however he is prepared to sell the animals by separate negotiation. Potential purchasers may wish to look at the current business model, which prioritises deliveries on a "naughty or nice" basis
There is plenty of potential for buy to let investors, in fact we have already had serious enquiry from a consortium looking to add this business to their current operations of specialist seasonal chocolate deliveries with an all year round cash for teeth operation.
We asked our specialist mortgage advisor Fiona Bolt of Vivid Financial Services to look at the possibility of a commercial mortgage for the whole site.
She told us:
"A commercial mortgage for a development like this needs a specialist mortgage and a mortgage advisor who is independent and can search the market on your behalf for the right product. At Vivid we are independent of any bank or building society so you can be sure of the best advice. We would recommend a fixed rate mortgage so that the new owners can know what their monthly outgoings will be especially bearing in mind the seasonal nature of the business. If you are looking to buy a home with business attached for example a B&B don’t hesitate to call us."
So there we are, a potential investment that offers a home, a business and the undying love of millions of children around the world. HAPPY CHRISTMAS
For details of the property visit www.northpole.com
It took me through my coffee break and left me with a warm glow of seasonal good cheer. I am impressed with the nature of this business and how it has doved very complex industrial, residential and employee issues into an environment that is attractive, profitable and has on-going 'stable' commercial potential. Perhaps we can talk in the New Year! Have a very happy Christmas and a blessed New Year. With warm and best wishes AmandaAmanda Bartlett December 16th 2011 11:40:41
Peter, you forget to mention whether the present owner has his retirement pension is to be taken on by the new owner. In view of his many hundreds of years service surely the pension pot would prove to be to prohibitive to any prospective purchaser Seasons Greetings to all. Daledale trimble December 16th 2011 19:39:24