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News | Independent Commercial Property Agents | PAI

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Swift sale ensures new premises for insurance specialists

Monday, 25 September 2017

Swift sale ensures new premises for insurance specialists

A former wine bar in St Neots market square is the new premises of Freedom Insurance Services Ltd, confirms PAI Barker Storey Matthews who acted for the vendor in the sale of the property.

The corner plot, town centre property - which is 379.3 sq m (4,085 sq ft) in total across three floors of the main building and includes a two storey outbuilding – had been vacant and unmarketed for a number of years before Barker Storey Matthews undertook the instruction to sell earlier this year.  

Offers were invited in the order of £650,000 but the final sale price remains client confidential.

The unusual and prominent property attracted interest from a wide variety of potential occupiers in the retail and leisure sectors, as well as office occupiers. 

The sale was agreed and negotiation and transactions were concluded with the new owners within a fortnight of the appointment of solicitors.

Before the opportunity to purchase 58 Market Square arose, Freedom Insurance Services Ltd had been seeking to rent premises in St Neots as it was keen to establish a presence in the town.

The property was bought by Freedom’s associated company, Paddock St Holdings Ltd and Marcus Johnson, Director, said, “We wanted to be in and operating as fast as possible and I was delighted to be able to move from acceptance to completion in days.  Howes Percival acted for us and I was very impressed.”

Stephen Power, Director, Barker Storey Matthews Huntingdon who led the sale on the vendor’s behalf, said, “It is an unusual property and the fact it had been vacant and unmarketed for so long could have counted against such brisk interest and a quick sale.

“However, St Neots as a commercial centre – given its excellent rail and road links – is attracting attention from businesses looking to locate here or existing businesses looking for commercial space in which to grow.

“That the sale was secured so swiftly, to the satisfaction of all parties, is a testament to the profile of St Neots as a thriving market town.”

The official opening of the newly named Freedom House is on 11 October (2017).