Service: Agency | Sector: Industrial & Logistics | Contact: Mark Trowell
ATCO Power Station sought our advice on potential alternative uses for Barking Power Station, a 1,000 megawatt gas fired generating facility in east London. We knew the site well, having advised on business rates on of the power station since its construction in the early 1990s.
After we provided valuation and development advice on alternative uses, ATCO decided it wished to sell the site and instructed us to bring the power station to market. The appointment was made in summer 2018, with a sale necessary by the end of the year; a company sale, rather than land disposal, was being sought. We quickly established a data room for potential buyers, and marketed the power station directly to active parties including the City of London Corporation, the eventual purchaser, which we knew had a requirement to relocate its London food markets.
15 initial bids were received, and a five-strong shortlist drawn up – of occupiers, developers and local authorities – to go to a second round of bids. The City of London Corporation was selected as preferred bidder, with the sale completing before Christmas 2018, meeting the client timetable.