Savills, the upmarket estate agent, has issued a press release to confirm that it has been instrumental in achieving the sale of Highwood Hospital in Brentwood to Bellway Homes for £12 million or so. The deal has now completed.
Bellway have already submitted a planning application to Brentwood Borough Council to convert some of the existing historic buildings together with a large slab of new build proposals totalling 205 houses and flats.
A big deal. Literally.
Savills are renowned for their rather robust fee structure. They are known to charge in the order of 2% on sale price in respect of instructions that involve a single property. And so one would hope that the Primary Care Trust which sold the land would have negotiated a substantial commission discount on a 17 acre site that may culminate in 200 plus homes?
But even at half their going rate, that’s a potential gross fee (albeit shared with joint agents Strutt and Parker in this instance) of perhaps £120,000.
eMoov would have done it for £349, saving the public purse enough to clean and redecorate a whole hospital or something. Probably.