We make sure we're alive to market trends at all times, which in our view is vitally important when advising landowners. In sought-after locations buyers come from a variety of fields, and therefore we always consider alternative uses, even when it might appear obvious that a property will be put to a particular purpose.
We were instructed to arrange a sale of these former stables in SE1 by the owner-occupiers, who had secured prior approval for the conversion of the office building to residential. Furthermore our clients had received a positive pre-application response to an entirely new-build, residential proposal. It therefore seemed fairly obvious that the property would be sold to a residential developer, but we remained mindful of the shortage of freehold office accommodation in and around London Bridge.
Our marketing strategy attracted a host of offers within a short timeframe, and whilst strong interest was received from several developers, we agreed a sale to a local firm of architects. A deal was exchanged and completed inside 4 weeks.
The new owners intend to occupy the building, but will be looking at a mixed-use scheme to extend and improve the existing accommodation in due course. In conclusion we promptly sold existing B1 offices at a premium over and above what any developer would pay, and without the need for a costly and time-consuming planning application.
We're always keen to hear from landlords and businesses that have freeholds to sell, so please get in touch for some free, forthright advice.
PROJECT ADDRESS: 55 Leroy Street, London SE1
CLIENT: The Facility
PROJECT VALUE: £6,410,000
PROJECT DATE: May 2016