Client: WM Morrisons Supermarkets PLC
Banks Long Lead: James Butcher
The brief: Banks Long & Co were approached by Morrisons to act jointly with WSB Property Consultants LLP, Leeds, to sell a piece of land that covered just under 3 acres adjacent to their supermarket on Tritton Road, Lincoln.
Banks Long & Co solution: The Agents acted on behalf of Morrisons in selling the land, after generating a high volume of interest through extensive marketing and advertising strategy that prompted a number of bids from a wide range of interested buyers.
The result: The agents negotiated the sale of the land to the highest bidder, which was Torsion Students, a high-end student housing developer who has developed a number of student housing schemes in locations across the country, on a subject to planning basis.
Torsion was granted planning permission for Pine Mill in late 2019, a secure, gated, 360+ bed student housing development. This allowed them to complete the purchase of the land in early 2020, with Banks Long & Co/WSB acting on behalf of Morrisons in the sale at a price that secured well in excess of £3 million for the client. This price equated to around £1.2m per acre.
Work has now begun on Torsion’s brand new accommodation, which offers students parking, electric charging and a convenient location within walking distance of the university and local amenities.