The property industry has become much more complex over the last decade, and we've expanded our range of services to move with the times. Planning and property management require particular expertise; two areas in which we excel. We acquired the freehold, and four of the leasehold interests in this under-developed residential block for a private investment vehicle back in 2015. We subsequently bought a fifth lease, and secured an option over the final apartment. We took over the management of the block and various tenancies, and set about ensuring the investment was compliant both legally, and physically.
Our Planning Management team quickly secured permission for the construction of 60% more accommodation in an additional floor. Using the consented height and local context as precedent, we then made an application for a high density, comprehensive scheme over 5 stories. Whilst that application was refused, the process resulted in clear guidance as to what form of development would be acceptable.
A further application for 24 apartments across two blocks was made, and approved at local level. Furthermore, we were able to successfully argue against making an Affordable Housing provision, so that all 24 units could be offered for private sale.
The site occupies a prominent corner, right in the very heart of our agency patch. With that in mind, and given our long-standing involvement with the project, we were keen to see it delivered to a high standard. Rather than undertake a wide-reaching marketing campaign, we approached a small handful of reputable firms with a good track record locally. Terms were agreed with Shanly Homes, and the sale completed in late summer.
Further information on our Planning Management, and Equity & Asset Management services is available on our website www.acorncommercial.co.uk.