We relish the challenge of a deal that's a break from the norm, and in this instance the sale of this industrial unit in Elephant & Castle required a delicate approach.
Owned by a private client, the property directly faces the new Elephant Park regeneration scheme, and clearly offers development potential. The issue, however, was that our client owned a leasehold interest (70 years unexpired), and the freehold is owned by the Local Authority.
We explored the possibility of enfranchisement and asked the Council to sell their freehold, but got no joy on either front. The Council did, however, show interest in acquiring the unexpired lease themselves, but clearly we expected to achieve a development premium. To assist in agreeing terms, local architects were engaged to explore the development potential of the site.
The architect's appraisal encouraged the Council to pay a reasonable premium to simply surrender the lease. We simultaneously agreed for our client to remain in occupation under a short term licence, and despite the inevitable red tape, the entire transaction was concluded swiftly.
If you're not sure how to unlock the potential or value from your property, please get in touch.
PROJECT ADDRESS: 1-27 Rodney Place, London SE17 1PP
PROJECT DATE: August 2017
PROJECT VALUE: £1,400,000