Vail Williams was appointed by John Keil Limited, the owners of 127-131 Great Suffolk Street in the heart of Borough & Bankside in London.
We were appointed to provide development consultancy in relation to the building, which was multi-let as offices and workshops. This included redevelopment options, an existing use valuation and disposal advice which resulted in a sale above existing use value and a significant overage payment for our client.
How we helped
- The project was approached in phases, initially with a high-level planning assessment to inform value potential. The building also had a complex history and parts had ‘architectural merit’.
- The planning report set out policy and the options that were considered deliverable, covering heights, massing, uses and constraints.
- The site’s proximity to Central London meant Permitted Development Rights (PDR) to allow office uses to change to residential without the need for planning permission had been removed.
- We managed third party architectural input, so an optimum scheme could be prepared, and residual values assessed.
- This indicated that redevelopment would generate more that the existing investment or vacant possession value.
- Three options were assessed with detailed appraisals undertaken covering residential and commercial uses, with similar value outcomes.
- The wider development options resulted in discussions and subsequent negotiations with the owner of the adjacent property, number 131
- This property had recently been acquired by Tailored Living Solutions who were interested in acquiring the site
- Negotiations were concluded for a sale of our client’s property at £13m, significantly above the existing use value.
- A significant Planning Overage payment was subsequently secured, triggered on the gross development area.
- Tailored Living Solutions is redeveloping the building for office use to provide 75,000 sq ft of commercial workspace across a collection of buildings, with modern open plan floorspace alongside original architectural features
Images © Tailored Living Solutions.
Get in touch
If you think you may need similar support to that described here, or you would simply want to have an informal chat with a member of our team to discuss your property needs, get in touch.