We are delighted to report the recent acquisition of a 3.75 acre industrial site adjacent to Abbey Wood train station on behalf of Rock Investments.
We approached the former owners, who were prepared to sell provided that a sale could be made on a strictly unconditional basis to a reliable purchaser with the funds available to complete expeditiously.
The site offers high-density, mixed-use development potential and is located in an area that has been subject to much regeneration, including the comprehensive redevelopment of Thamesmead.
Terms were agreed with Rock Investments who exchanged contracts in less than two weeks. At the point of acquisition, however, the development potential was considered long term as the property was subject to a lease until 2011.
Following completion it became apparent that the tenants would be willing to surrender their lease. The site is located in a predominately residential area, and the road links were restricting access for heavy goods vehicles in and out of the site. A reverse premium was negotiated with the tenants who relocated to more suitable premises.
