Our first involvement with this industrial building in Vauxhall dates back to 2012. The owner approached us for some advice having seen planning permission granted for a tower on the adjacent property. Whilst appraising the development potential, we quickly took the opportunity to let the redundant building for use as a temporary site office for the new tower.
Our advice is always tailored to the specific nuances of a given property, and the wants & needs of its owner. In this case the property offered obvious development potential, but also some sentimental value and an income stream to the client. Whilst the owners were keen to see the site developed, they were adamant they wanted to stay involved throughout the project despite having no construction expertise or experience themselves.
Fast-forward 8 years, and with construction only recently having been started, it's safe to say that the owners under-estimated how time-consuming, expensive and frankly draining it can be navigating the planning process in Central London. Nevertheless, with permission imminent and the client's commitment to the project unwavering, we introduced a development partner experienced in delivering urban schemes on a joint venture basis.
The structure of the deal will ultimately see the freeholders receive brand new commercial space and residential apartments in lieu of a cash land payment. They will retain both an interest in the site, and an income from their investment - mission accomplished!
Joint venture deals are never straightforward, and don't suit every site or landowner, but on occasion they can prove to be the ideal solution. If you think you're brave enough for a JV, please ring Tom Luck!
PROJECT ADDRESS: 22 Wyvil Road, Vauxhall, London SW8 2TG