Securing planning permission for the redevelopment of any site appears to be an increasingly challenging task, and that is undoubtedly one of the main reasons why consented sites remain so hotly-contested.
Although the second-hand market has stalled somewhat, 40% interest-free deposits available via the government's Help-To-Buy scheme are ensuring that the new homes market stays busy. With £/sqft rates in the inner London boroughs reaching eye-watering levels, many developers have turned their focus to Zones 3 & 4, where resales are typically sub £750/sqft.
The owners of this former bookbinders site in the popular suburb of Greenwich successfully secured planning permission for a new 5-storey block comprising 24 apartments. Furthermore, the favourable provision of just 4 affordable units will be made by way of discounted market sales to local people, negating the involvement of a Registered Provider. So, a freehold site with a decent consent that qualifies for HTB, and is located in one of the most sought-after postcodes that Zone 3 has to offer - there aren't that many more boxes that could be ticked!
We were appointed as sole agents, and undertook a national marketing campaign. Considerable interest was generated, and a host of offers in excess of the guide were received. Regional developers, Featherstone Homes, proved the most competitive, and after a reasonable period of due diligence, contracts were exchanged at a smidge over £5M. The sale price represents almost 44% of the GDV, and over £200,000 per plot.
We're not miracle workers, and the market isn't easy, but if you need a vastly experienced agent to sell your site for the best possible price, give us a tinkle.
PROJECT ADDRESS: 64-68 Blackheath Road, Greenwich, London SE10 8DA
CLIENT: Landsfort Homes
SALE PRICE: £5,020,000