John Keil Limited

Residential Development
Residential Planning & Masterplanning
Residential Property
Residential Valuation
127-129 Great Suffolk Street, London SE1 1PP
Planning assessment of development options for freeholder
Development consultancy to ensure best value redevelopment compared with existing use valuation
Negotiations with adjoining owner
£13m - sale to Tailored Living Solutions at significantly above existing use value
Secured significant Planning Overage payment

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.