Their need

Dr Brown was a long-standing client of LM. Following his passing in 2024, it became necessary to liquidate his property portfolio. The estate comprised approximately 12 assets worth between £400,000 and £500,000 each in central Brighton, along with 8 assets located in attractive towns across the region. These included high street shops, trade counters, pubs, and a convenience store.

The executor required professional advice to manage this process effectively, to maximise returns and ensure all assets were sold within six months. The portfolio sale presented additional challenges:

• A complicated and outdated administration system, with some files dating back to the 1980s, stored solely in hard copy.
• Tenant relations had largely been handled personally by Dr Brown, leading to information gaps and some confused positions.

Key to the instruction involved balancing existing negotiations and promises made to tenants with the estate’s best interests.

Our approach and thinking

Led by Nick Klein, who knew the portfolio well, our team provided comprehensive advice to the executor. We developed an overarching strategy and practical action plan, including:

• Selecting between private treaty sales, auction sales, or portfolio sales.
• Identifying and resolving undocumented agreements.
• Packaging the eight regional assets as a single portfolio to maximise value.

Selling the Brighton assets through local agents to known investors to attract a premium.

Joint results

The portfolio was launched in July 2024 with an asking price of £5 million (8.5% NIY) and was sold for £4.8 million (9% NIY), after receiving 12 bids. A key success factor was securing a buyer agreement to restrict auction sales to only two within the first six months post-completion. This was important to the estate and maintaining Dr Brown’s legacy as a fair and professional property owner.

Ultimately, the entire portfolio, including the Brighton assets, was sold within the targeted timeframe at values that met the estate’s expectations.