Acting on behalf of regular clients, Barnardos, our Corporate Asset Services team saw Permitted Development (PD) as the angle to maximise value in this particular case. The client had the 3,226 sq ft of vacant, tired offices listed at a book value around £600,000.
I'm sure there's many a bank valuer that would have struggled to justify even £136/sq ft as being a realistic freehold value, but we saw things differently... Yes the PD window is closing, but in the case of a relatively small building with vacant possession available immediately, April 2016 remains a fair way off.
Similarly to West Norwood Fire Station and Doddington School, a diligent approach to the marketing resulted in huge interest. Working closely with our client and its solicitor, a legal pack was readied in advance of the bid deadline.
This facilitated a prompt exchange of contracts to ensure the momentum of the marketing didn't wain. The result? Sold to a local cash buyer at £1,225,000.
That's £380/sq ft for tired, vacant B1 space in E17 and with no planning permission or permitted development notice for alternative use in place!
