We managed the unconditional sale of this site that was subsequently promoted for mixed-use development. The buyers secured planning permission for the development of 92 student rooms above ground floor commercial space. As construction was nearing completion, we were appointed to locate a tenant for the 4,000sqft commercial unit.
Whilst conveniently located adjacent to Ladywell Station and close to University Hospital Lewisham, the development has no obvious frontage. A targeted approach was therefore going to be required in order to attract a tenant of the requisite calibre. Alongside a national marketing campaign, we directly approached blue chip operators from a variety of suitable industries. This hand-on, proactive strategy resulted in the introduction of Total Orthodontics; a subsidiary of Bupa Healthcare.
Terms were agreed for a 10 year commercial lease, subject to change of use to D1. Planning permission was duly granted, and the lease to Total was completed in the summer of 2019.
If you get it right, the commercial space in a mixed-use scheme can prove to be the cherry on the cake. If you get it wrong though, a considerable proportion of your profit will
be sitting idle in a shell unit that will quickly attract business rates! We're happy to work with developers at the earliest possible stage to ensure that the design of any integrated commercial space will improve, rather than adversely affect the financial viability of a scheme. Depending on any given client's requirements, we can pre-sell or pre-let commercial space, or alternatively create a ready-made investment for sale at a premium price on practical completion.
PROJECT ADDRESS: 10-14 Mercy Terrace, Ladywell, London SE13 7UX
DATE: September 2019
PROJECT VALUE: £70,000 per annum