Tue, 10 Oct 2017 | COMMERCIAL PROPERTY
A business park on the south coast is set to be sold after a lengthy legal battle over its ownership, with a deal anticipated to be worth over £12 million.
Faraday Mill Business Park, which is home to over 60 individual firms in Plymouth, is currently being offered to potential buyers by commercial property firm Knight Frank.
Though it was once part of a larger group, the London and Westcountry Estates, Faraday Mill’s ownership became a court matter thanks to a drawn-out legal battle between its original owners, Michael and Diane Hockin, and the Royal Bank of Scotland.
The Hockins maintain that they were due more than £30 million in compensation after RBS had mis-sold them an interest rate swap, which they said then took London and Westcountry Estates into administration in 2012.
Though the case was settled out of court, London and Westcountry Estates lost ownership of Faraday Mill, with Ernst & Young taking over as administrators before first attempting to sell the property in 2012.
In 2014, the administrators sold the freehold of Faraday Mill to investment firm Caisson Investment Management, along with its joint venture equity partner firm Parabola Capital, for £6.8 million.
This freehold is now up for sale, with Knight Frank instructed to seek offers in excess of £12.2 million. A brochure for the property states that Faraday Mill produces over £1 million in rent every year, with only three commercial units unlet.
The park is currently home to some of Plymouth’s most well-known businesses, including G&R Electrical, Fix Auto Plymouth, the Hideaway Café and J&S Accessories.
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