SIA Group sells former Stansted Ripening Facility
The property team at SIA Group have negotiated the sale of the former Stansted Ripening Facility at Little Canfield near Stansted, acting on behalf of Duff and Phelps, the Joint Administrators of Winfresh UK Ltd.
The property, which was comprised of a 98,000 sq ft warehouse on a site of 8.9 acres, was sold to Uttlesford District Council following a comprehensive marketing campaign and competitive bidding process managed by SIA Group. The site was originally constructed in the mid 1960’s extended twice in 1997 and 2009, and offers considerable redevelopment potential.
“ The team at SIA Group delivered a really good result for the Administrator, achieving a very strong price for the property in a quick timescale.”
Winfresh UK was one of the country’s leading suppliers of bananas, including Fairtrade bananas, sourced from thousands of smallholders in the Caribbean. The highly competitive market had impacted the company in terms of volume and pricing. As a result, the financial position of the company had become untenable after 26 years of operation and mounting cash flow pressures resulted in the appointment of Duff and Phelps.
Commenting on the deal, Mike Lennon of Duff & Phelps said: “We instructed SIA Group, who took on board precisely what we were looking to achieve and ran a comprehensive and competitive sales process. The team at SIA Group were proactive in delivering a good result for the Administrator, achieving a premium price for the property on an accelerated timescale.”
Matt Brumpton, Head of Property Disposals at asset valuation and disposals specialist SIA Group added: “We are extremely pleased to have reached such a successful conclusion for the Administrator. Our aim was to deliver the best possible value for our client and we have exceeded their expectations. We received a very high level of interest in the property from both occupiers and developers, which has allowed us to capitalise on a strong industrial and logistics market.”