Larger development sites in central and suburban London are rarely straightforward, but fortunately we relish a challenge, and problem-solving is our forte!
We had advised the owners of this landmark commercial site since they bought it almost 7 years ago. It clearly offered development potential, but patience was required to unlock its true value. The ground floor is occupied by a Co-Operative food store, whilst the first and second floor offices were home to a well-established apprenticeship and careers provider.
Vacant possession would be required to undertake a major redevelopment of the site, but there was the small matter of planning to tackle first. We helped with consultancy and viability advice, and our clients secured permission for the construction of a 9 storey building comprising a replacement supermarket of 11,500sqft, and 59 residential apartments. No on-site affordable housing is required, and terms were agreed with Marks & Spencer to pre-let the new food store.
Our marketing campaign was launched in the midst of Lockdown 2, and continued through Lockdown 3. In spite of this we were able to attract interest from several credible private developers, and a number of apparently larger outfits. Frustratingly it took several months to confirm what we always suspected - that the 'larger' firms were filled mostly with hot air. Fortunately we'd maintained the interest from the private developers, and ultimately agreed the terms of a very straightforward transaction.
The sale was exchanged and completed simultaneously in the summer of 2021 at £7.15M, and construction will commence in early 2022 once the Co-Op has vacated.
PROJECT ADDRESS: 124 Station Road, Sidcup, Kent DA15 7AB
