Our Planning Management team was engaged by the private owner of this industrial estate to handle its promotion for development. The site is within Loughborough Junction and forms part of the master plan zone. We held 3 pre-application meetings with Lambeth Council and, working with Alan Camp architects and GVA planning consultants, we devised a scheme for 9,000 sqft of employment space (replacing the existing commercial space) with 21 flats above.
We consulted with the Loughborough Junction Action Group (LJAG) and held public consultations. Following positive preapplication correspondence from Lambeth Council we were about to submit the planning application when we received an offer from a party who recently purchased the adjacent site. Lambeth Council were keen to see the
sites developed in a cohesive way as outlined in their master plan. It therefore made sense to consider a sale at this stage. The offer made was close to the value of the site
with a planning consent. It was not subject to planning permission although it was subject to us passing over all the planning work carried out and also required us to agree a deal with one of the tenants to enable vacant possession when required.
We agreed a deal with one of the tenants to restructure their lease and subsequently concluded the sale of the site. Although we would have liked to have secured planning permission, it made sense for the owner to conclude a sale when we did with significant value added.
PROJECT ADDRESS: Hardess Street Estate, Loughborough Junction, London SE24
CLIENT: Private Individual
SALE PRICE: £3,025,000