Our development team acquired a pair of redundant filling stations in Southwark on behalf of a private client back in 2014. Planning consents were forthcoming on both sites in 2016 for a total of 68 residential units and new commercial space. During the planning process for this particular site, an Area Action Plan for the wider Old Kent Road area was mooted by Southwark Council. Shortly after our clients secured permission for 34 units, the draft Old Kent Road Area Action Plan (OKRAAP) was published. Our site sits in a 'core area', and the OKRAAP suggests that with high quality design, a far higher density might prove appropriate. Having committed to the construction of the other site acquired at the same time, our clients took the decision to sell the Bermondsey property. We employed a typically high profile marketing campaign quoting a guide of £5.5 million for the 34 plots (including 8 affordable units). We succeeded in generating considerable interest, and received 9 offers ahead of the guide; including several over £6 million. Terms were agreed with a student housing developer, and contracts were exchanged inside 3 weeks. Completion occurred in June 2017. The final sale price was 11% ahead of the guide, and represents a private plot rate of over £234,000. We have a long list of buyers keen to acquire development sites of all sizes across London.
PROJECT ADDRESS: 272 St James's Road, Bermondsey, London SE1 5JX
CLIENT: Property Investment Fund
SALE PRICE: £6,100,000
