Liquidators put Rabeys' Vale Castle site on the market
AN INDUSTRIAL complex previously owned by the collapsed garage firm Rabeys has been put up for sale.
Offers in excess of £3.6m. are invited for the freehold of the 1.6 acre site.
Joint liquidators Interpath Advisory and KPMG described the workshops and yard, situated at the Vale Castle Industrial Estate, Vale, as ‘a key asset’ of the company.
‘The proceeds from the sale of the site will be used for the benefit of the creditors of Rabeys Property. Any party that has an interest in the site should contact Interpath or our appointed property agent.’
The site is being marketed by Watts Property as a ‘rare opportunity to acquire a partly-tenanted, high-grade industrial site with potential for owner-occupation’.
Amalgamated Facilities Management, another former company within the collapsed Garenne Group, which completed a management buy-out shortly after the failure of the group, is a tenant of Bordeaux House, one of several buildings on the site, where it currently pays rent of nearly £140,000 a year, which is due to rise by more than 10% next year. Its lease runs until 2036.
Rabeys was established in 1976 and became one of the island’s largest vehicle fleet sales and maintenance businesses.
At the time of its collapse, liquidators said the performance of the company had improved over the past few years but that global economic conditions had led to irretrievable decline in recent months.
The majority of its 27 employees were told they were being made redundant late in the working day on 4 April.
