Their need

Sorbon Estates is the commercial arm of Michael Shanley Homes, based in Beaconsfield. Their key objective is to secure commercial investment opportunities with the potential for high-density residential development. They focus on regions including Buckinghamshire, Berkshire, and Surrey. St Martin Shopping Centre in Caversham was marketed by Hermes in 2024, and LM was instructed to represent Sorbon Estates in a competitive bidding process and advise on the purchase.

Our approach and thinking

While most market players viewed the Waitrose-anchored 1980s shopping precinct as a straightforward commercial income opportunity, we challenged this perspective. We used our integrated team and experience to present the idea of a more transformative approach – reclassifying the land for high-density residential use.

Joint results

Amid rising build costs, many housebuilding competitors exited the market, meaning we were able to position Sorbon Estate’s resilience advantageously to withstand remaining competition. The result was that after three rounds of competitive bidding, we secured the asset on behalf of our client. This meant they could pursue a more ambitious development strategy and enhance the assets’ value and role in town and its communities.

Following the acquisition, Sorbon Estates engaged us for lease advisory services to extend the existing commercial leases and unlock further value from the asset.