Warehouse & B1 Office

A 0.7 acre (0.28 hectare) site consisting of a carpark, single storey warehouse and two storey B1 office accommodation of circa 14,000 sqft.

Planning was submitted and granted for the demolition of the existing buildings and the construction of a 14 storey residential tower and 5 storey blocks, 60,200 sqft NIA, to create 74 residential apartments including 19 affordable units plus 20,000 sqft of D1/B1 commercial space plus basement car park.

Unconditional Land Deal – Dates:

Unconditional Land Deal Exchanged – 22nd January 2015

Purchase Completed – 5th March 2015

Resolution to Grant Permission 13th September 2016

Planning Granted – (S.106 Delay) 1st February 2017 – (16/02091/FUL)

Unconditional Land Deal

Agreed Purchased Price

Purchase Costs

Costs to Planning

Total


Post Planning Development

Residential NDV

Commercial NDV

Total

Total Construction Cost

Profit before Finance Costs

Profit on Costs

IRR

Post Planning Residual Land Value

Residual Land Value Increase

£13,620,000

£ 535,500

£ 1,455,000

£15,610,500

£61,475,000

£22,950,000

£84,425,000

£41,245,000

£17,155,000

26%

23%

£23,400,000

£7,789,500

Land Completion to Planning 21 months